Market share of life insurance companies Hong Kong H1 2022, by value of new business

In the first half of 2022, AIA Group had a market share of 11 percent based on the value of new business in Hong Kong. Compared to the previous years, life insurance companies had difficulties generating new business. The insurance company Sun Life had the largest gap because it generated around 57 percent lower premium income. Post-Covid Sitrep For an industry that is notoriously averse to risk and rapid change, the past few years have been challenging for the insurance industry in Hong Kong. The COVID-19 pandemic and its effect on the region's economy significantly reduced the income of the sector. Additionally, the economic and political role of the city is evolving and forcing insurers to adapt. Given that the insurance industry generates over four percent of the local GDP, the overall health of insurers is important. What’s next? Like insurance companies globally, insurers in Hong Kong have to rethink old practices to embrace upcoming challenges. According to industry analysts, the main challenges include evolving customer needs, the increasing role of artificial intelligence, and climate risks. Compared to other regions, Hong Kong’s insurance providers need to embrace digitalization through Insurtech and focus on the integration of ESG into their business models to stay competitive.

在2022年上半年，AIA集团凭借其在香港新业务的价值占据了11%的市场份额。相较于往年，人寿保险公司面临着生成新业务的困境。其中，保险公司Sun Life的表现最为突出，其保费收入较之前降低了约57%。鉴于保险行业对风险和快速变化的天然抵触，过去几年对香港的保险行业而言充满挑战。COVID-19大流行及其对区域经济的影响显著降低了该行业的收入。此外，该市的经济和政治角色正在演变，迫使保险公司做出调整。鉴于保险行业贡献了超过4%的本地GDP，保险公司的整体健康状况至关重要。未来又将如何？与全球的保险公司一样，香港的保险公司必须重新审视旧有的做法，以应对即将到来的挑战。根据行业分析师的观点，主要挑战包括客户需求的演变、人工智能作用的日益增强以及气候风险。与其他地区相比，香港的保险提供商需要通过Insurtech拥抱数字化，并将环境、社会和公司治理（ESG）的整合纳入其商业模式，以保持竞争力。