Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 293

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 293
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 a market size (gross written premium) of approximately $8.28 billion USD in 2024. Life insurances dominated this market and have a projected volume of $72.09 billion USD in 2024.

The year-over-year decline in premium income from long term insurance in 2022 was primarily driven by the premium payment pattern of some products and a general decline in new business in 2022. In 2023, Hong Kong’s insurance industry will start to rebound, benefiting from the recovery of the travel business in the non-medical business and the increase in new policies and rates in the medical business.

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<div align='center'>Hong Kong’s Insurance Market, by Premiums, 2018-2027E

Source: Frost & Sullivan Industry Report</div>

Status of Hong Kong’s Insurance Brokerage Market

According to Frost & Sullivan, as of September 30, 2023, there were 163 authorized insurers in Hong Kong, of which 88 were pure general insurers, 53 were pure long-term insurers, 19 were composite insurers and three were special purpose insurers. As of September 30, 2023, there were 1,708 licensed insurance agencies, 78,522 licensed individual insurance agents and 23,894 licensed technical representatives (agents). In addition, there were 811 licensed insurance broker companies and 10,507 licensed technical representatives (brokers) on the same date.

As of November 30, 2023, the number of licensed insurance brokers in Hong Kong fell to 809, with 449 general business and long-term business (including linked long-term business) accounting for the highest proportion of the total.

<div align='center'>Number of Hong Kong’s Licensed Insurance Broker Companies, as of November 30, 2023

Source: Frost & Sullivan Industry Report</div>

Hong Kong’s Insurance Density

Insurance density, along with insurance penetration rate, is a key measure used to assess the level of development of a country’s insurance sector. Insurance density is the ratio of premiums collected by insurance companies to the country’s population. According to Frost & Sullivan, Hong Kong’s insurance density rises from HKD 69,041.4 per capita in 2018 to HKD 73,234.1 per capita in 2022, (USD$9,706 in 2018 and over USD$9,000 in 2022) with a CAGR of 1.5%. Hong Kong’s insurance density is projected to surpass