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 2020, the insurance industry was made up of 25 insurance companies, 12 of which are life companies and the remaining 13 are involved in general insurance business. In terms of origin, 11 are local companies and the remaining 14 are branches of overseas companies, representing 4 countries and Special Administrative Region of China (Hong Kong).
As at the end of December 2020, the intermediary sector was made up of 7,628 insurance intermediaries, comprising 5,874 individual agents, 80 corporate agents, 1,662 salesmen and 12 brokers.
There are 6 associations representing the industry. The Macau Insurers' Association represents authorised insurance companies, both life and general insurance. The Macau Insurance Agents and Brokers Association, the Federation of Macau Professional Insurance Intermediaries, the Macau Insurance Intermediaries Association, the Association of Macau Financial Employees and the Macau Insurance Industry Professionals Association represent the intermediary sector.
Last revision: 2021-07-21 12:32:16