Insurance authority and market players
In the Macao SAR, the authority for the supervision, co-ordination and inspection of insurance activity rests with the Chief Executive, while the actual execution of these functions is carried out by AMCM through its Insurance Supervision Department.
As at the end of December 2019, the insurance industry was made up of 25 insurance companies, 12 of which are life companies and the remaining 13 are involved in non-life business. In terms of origin, 10 are local companies and the remaining 15 are branches of overseas companies, representing 5 countries and one Special Administrative Region of China (Hong Kong).
As at the end of December 2019, the intermediary sector was made up of 6,726 insurance intermediaries, comprising 5,072 individual agents, 82 corporate agents, 1,560 salesmen and 12 brokers.
There are five associations representing the industry. The Macau Insurers' Association represents authorised insurance companies, both life and non‑life. The Macau Insurance Agents and Brokers Association, the Federation of Macau Professional Insurance Intermediaries, the Macau Insurance Intermediaries Association and the Association of Macau Financial Employees represent the intermediary sector.
Last revision: 2020-08-24 15:29:29