GIF 2017 Day 1, LONDON : Looking to the emerging market in search of the future growth
Steve TUNSTALL, General Secretary, Pan Asia Risk and Insurance Management Association
- Asia has a lot of enthusiasm towards insurance - markets are blooming, a lot of money are moving, with a 20% y-o-y growth
- The differences between Asian countries are huge - the generalizations are difficult to make, because there are segmentations also between cities and rural areas
- Nigeria is a futuristic market, with over 70% of the population under 25 years, with huge potential for insurance
- Life insurance is growing rapidly and also represents an opportunity that international companies are seeing (over 40 billion USD in assets)
- In India, the regulator is focusing on consumer protection and on the customer, instead of creating the context for business developing
- India has political stability, which allows the life insurance segment to growth 7% yearly
- Middle East has known incredible growing rates, in the last 10 years, due to the low penetration rates (below 2%) - double digits rates over the last 5 years
- The region evolves also under the influence of the geopolitical factors. 15 years ago, the most developed markets in the region were Irak and Libia
- The most important system for the Middle East will be a system similar to the freedom of services from the EU.
GIF 2017 presents a rich agenda, reviewing the main trends in the industry as well as the its future opportunities and threats and the new ways in which insurance providers may and will have to engage in increasing society's resilience.