Section B
by Stanley
Insurance Companies Focus on Asia – Insurance
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two largest economies in the developing world, China and India, and with many countries of the region are growing middle class, Asia is becoming a much stronger player in the global economy. Remaining relatively unscathed by the global financial crisis and the ongoing problems in the U.S. and the EU, while showing strong signs of growth has caused many multinational companies to refocus their efforts on Asian markets and insurance companies were not different.
The growth of a middle class in many countries in Asia and market penetration is traditionally low insurance products in the developing stage establishes a loan for insurance companies to increase sales in the region of a wide variety of insurance products including life, general and health insurance. It’s not just the two BRIC countries in Asia that have experienced tremendous growth in their areas of insurance, with many small countries such as Malaysia, Indonesia and Thailand see growth reaching double digit numbers as well. Indian industry Medicare only grew by 36.9 percent in 2011, while Malaysia had their takaful (Islamic insurance) business grow at a compound annual growth rate of 20 percent 2007 to 2011, and even Sri Lanka have seen their gross written premiums increased by 18.5 percent.
With such a strong demonstration in many markets across the region, many widely recognized multinational insurance companies have begun to reorient their strategies on global markets in developing Asia, as they are widely considered to be longer able to provide revenue and new business opportunities that markets the most stagnant in most developed countries. Many international insurers are either seeking licenses to expand into new markets, or more often to enter a joint venture or even outright purchase of an insurance entity to enter the local market. The list of foreign companies seeking to make their way to Asia is long and growing. More recently, ACE Group decided to buy one of the leaders of Indonesia’s general insurance companies, PT Asuransi Jaya Proteksi, more commonly known JaPro. Although ACE had certain assets of local companies, the purchase will allow access to the platform that extensive distribution JaPro built, which includes branches, as well as agents, brokers partnership channels bancassurance and other local financial companies. Sun Life recently concluded a joint venture with the local insurer PVI Holdings in Vietnam, creating PVI Sun Life Insurance Company. Sun Life has made it a point to focus on creating joint ventures with local partners, as they did in Indonesia with CIMB Sun Life and Birla Sun Life India, the leaders of the Sun Life showed that local partners in the joint venture can increase brand awareness in the market. To see how international access to the value of insurance companies in growth in Asian markets, one should look so far as selling insurance over the life of ING Group companies in Asia and asset management. ING received a bailout from the EU in 2008, and as part of the arrangement had to sell a number of assets that included her life insurance and asset management in Asia. The prospect of picking up these assets in a region with huge growth potential such has developed a number of major global insurers and seeks to add new markets or strengthen their existing operations regional. Companies bidding for assets of ING Life Insurance include Manulife Financial, Met Life, Japan’s Dai-ichi Life, AIA, and KB Financial Group in South Korea. It is becoming clear that many insurance companies are reworking their business strategy to focus on Asia. The middle class growing in the region has cash to spare, combined with a traditionally low penetration of insurance products and knowledge increasingly how insurance can help them grow and protect their finances, offering many opportunities for insurers to provide insurance protection for a valuable emerging demographic group that may need it. About the Author For more information on the health insurance with coverage worldwide, contact us today for health insurance in the world. Our consultants can help you compare, select and manage the best international health plans available, so contact us today. Use and distribution of this article is subject to our Publisher Guidelines whereby theoriginal author’s information and copyright must be included.
B Stanley
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