British insurance giant Prudential will open a branch in Macau and appoint a general manager for the market.
Prudential has received approval from authorities to establish a branch in Macau, according to a statement. The unit will initially offer life and health insurance solutions with multi-currency options.
Leading the branch is industry veteran Chris Ma, who joins as general manager of Prudential Macau, effective immediately. Ma has over 30 years of insurance experience, most recently as the chief executive of AIA Macau.
Insurance Penetration
With a population of under 700,000, life insurance penetration in Macau is just 6.4 percent, according to a Swiss Re report, compared to 17.3 percent in Hong Kong. Gross written premiums grew 26 percent year-on-year to reach 33 billion Macau patacas ($4 billion), according to data from the Monetary Authority of Macao SAR.
«With the city's fast-aging population, there is strong demand from its residents for solutions that can help them access private healthcare facilities in Macau and elsewhere in the [Greater Bay Area],» said Lilian Ng, managing director, strategic business group, Prudential.
With the addition of Macau, Prudential will now have a presence in 24 markets across Asia and Africa.
