Hong Kong

Axco provides details on the life insurance sector including Hong Kong market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Hong Kong, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Hong Kong pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Hong Kong report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

Hong Kong is a special administrative region (SAR) of the People's Republic of China. Under the "one country, two systems" model, the territory has its own insurance regulatory system and has largely preserved its heritage of legal and economic freedoms.

Hong Kong has an outsize life insurance sector which generated premiums of HKD 511.45bn (USD 65.60bn) in 2019. These were equivalent to 17.9% of GDP. This high penetration results from a complex of reasons, including financial conservatism, the distributive power of ....

Hong Kong has a long tradition of voluntary company pensions which are regulated by the Occupational Retirement Schemes Ordinance and are therefore known as ORSO pensions. These were supplemented on 1 December 2000 by the introduction of compulsory individual pensions known as mandatory provident funds (MPF) ....

In 2019 private medical insurance (PMI) generated total premiums of HKD 26.99bn (USD 3.46bn), of which HKD 14.09bn (USD 1.81bn) were accounted in the non-life statistics and HKD 12.90bn (USD 1.65bn) in the life. Stand-alone health is classified as short-term and should therefore be written by non-life or composite insurers. Life insurers may write health on a rider basis but may also write the class on a stand-alone basis, provided the policy contains a compassionate death benefit. Group policies are written by both life and ....