| Careers Prospect in
the Insurance Industry
Overview
The
insurance industry is witnessed continued growth since it first emerged
in the 16th century.
In Hong
Kong insurance is regulated by the Insurance Companies Ordinance, first
enacted in 1983. The Office of the Commissioner of Insurance is the
regulatory body with an aim to protect the interests of policy holders
and maintain the general stability of the insurance industry as well as
to enhance the status of Hong Kong as a major international insurance
centre.
Key
Indicators
Insurers are divided into three categories : Long Term Insurers, General
Insurers and Composite Insurers.
As at
October 2003, there were 189 authorised insurers in Hong Kong; 46 of
which were Long Term, 124 General and 19 Composite.
The
Hong Kong insurance industry as a whole continued to grow in 2002.
According to the latest audited returns filed by the insurers, total
gross premiums grew by 16.6% to HK$89 billion, representing 7.1% of the
Hong Kong Gross Domestic Product.
In the
first half of 2003 the total amount of premium generated from the
industry amounted to HKD47 billion; HKD35 billion from Long Term
Business and HKD12 billion from General Business.
Major Developments
The
introduction of MPF at 1st December 2000 provided an unprecedented
growth opportunity for insurers and MPF service providers -- as at 30
September 1999, only 28% of the total working population in Hong Kong
were covered by Registered and Exempted Retirement Schemes.
During
the past 10 years, we witnessed the rapid growth in the life sector. In
1992, the total number of in-force individual life policies was below 2
million; but this had risen to 5.2 million in 2002. Even so the
penetration rate of life insurance in 2002 was only 77% of our
population.
The
premiums of long term insurance industry grew by 15.2% in 2002. The
growth is mainly attributable to the increase in individual life
business. Total premiums increased from HKD56 billion to HKD65 billion,
accounting for about 5.2% of Hong Kong's GDP.
Individual Life business remained the
dominant line, with premiums in force of HKD49 billion or 75.7% of total
life premiums in force.
The
yearly contributions for Retirement Scheme contracts administered by
insurers increased by 5.8% to HKD12.7 billion. There were 71,740
Retirement Scheme contracts at the end of 2002 and the net liabilities
of these contracts amounted to HKD64.6 billion.
Group
Life business decreased slightly by 0.5% and 2.7% in terms of office
premiums in force and number of policies respectively, to HKD1,191
million and 13,768, whereas the net liabilities increased by 1.8% to
HKD518 million.
With
such impressive growth and significant contribution to Hong Kong GDP we
envisage the following excellent Careers Prospects :
1.
Computer and technological
researchers
2.
We have seen the insurance
industry adapting to the change of the world economic pattern since the
16th century. As a fast growing industry, insurers together
with other financial service providers open their doors to the Internet.
3.
Marketers
4.
New insurance products are launched and promoted for all walks of life
and every aspect of the world trade
5.
Actuaries
6.
The projection and statistical research of product pricing
7.
Engineers - insurers of civil, electronics and mechanical engineering
projects are one of the major employers of engineers
8.
Clerical
9.
Accountancy
10. Professional management
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