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Macao

Macao

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Macao Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Macao includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Macao can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Global Statistics Regulatory Alerts Market Profiles Insight Compliance Compliance Point Clinical Trials

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT +8
Macau
MOP
0.66
4.49
1.59
3,632.37
13.2

Macao was occupied as a trading post by the Portuguese in 1557 and developed into a Portuguese colony. In 1999 the territory was returned to Chinese sovereignty under a "one country, two systems" formula which allows Macao to retain its administrative autonomy for a period of 50 years. Macao's current status is as a Special Administrative Region (SAR) of the People's Republic of China. Macao is administered by a chief executive appointed by the Chinese government. The Legislative Assembly is not democratically elected and has only limited legislative power. Nonetheless, there seems to be much less popular demand for democratic reforms in Macao than in its sister SAR Hong Kong.

Macao has its own insurance system, entirely separate from the legislative and supervisory system which prevails on the Chinese mainland. The insurance law is the Macao Insurance Ordinance, Decree-Law No 27/97/M of 30 June 1997, which was renamed the Legal Regime for Insurance Activity by an amendment law which came into effect on 20 September 2020. The insurance supervisory authority is the Monetary Authority of Macao (AMCM).

Macao is the largest gambling centre in the world with a total of 41 casinos. By some estimates, gambling and associated tourism account for over 90% of GDP and 65% of employment.

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