Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 294

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 294
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 HKD 81,384.7 per capita to HKD 81,384.7 per capita in 2027. Hong Kong’s insurance density is projected to grow representing a CAGR of 1.9% from 2023 to 2027. The insurance market itself is expected to continue to grow with a projected annual growth rate of 0.73% from 2024-2028. The total gross premiums of the insurance industry in 2020 amounted to approximately $608.4 billion, with an average growth rate of 10.2% in the past five years.

In 2022, Hong Kong’s insurance density ranked 2nd in the world and 1st in Asia. Amidst the continued impact of COVID-19, cross boundary travel has been interrupted. In 2023, the People’s Republic of China fully resumed normal travel with Hong Kong, which is expected to be a strong boost for the two regions’ economic development and will drive the increase in Hong Kong’s insurance premiums. The growth rate of Hong Kong’s population will be lower than the growth rate of insurance premiums, which will increase Hong Kong’s insurance density in the future.

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<div align='center'>Hong Kong’s Insurance Density (premiums per capita), 2018 - 2027E

Source: Frost & Sullivan Industry Report</div>

Hong Kong’s Insurance Penetration Rate

A market’s insurance penetration rate indicates the level of development of its insurance sector in a country. According to Frost & Sullivan, due to the COVID-19 pandemic, global GDP fell by 2.9% year-on-year in 2020, while the demand for insurance increased. Since global insurance penetration rate is calculated based on the ratio of total premiums to GDP, global insurance penetration rate increased from 7.2% in 2019 to 7.4% in 2020. After the COVID-19 pandemic, global insurance penetration rate declined from 7.4% in 2020 to 6.7% in 2022. Due to the global economic recovery, global insurance penetration rate is projected to grow from 6.9% to 7.4% from 2023 to 2027.

The Hong Kong economy will continue to recover, supported by inbound tourism and private consumption. The insurance industry of Hong Kong plays an instrumental role in making Hong Kong a world-class financial center. It is management’s belief that the growth rate of Hong Kong’s GDP will be higher than the