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The current state and near-term prospects for ASEAN non-life insurance markets

Monday 30.10.2017 // Asia Insurance Review // Dr Kai-Uwe Schanz and Mr. Wan Murezani Wan Mohamad

The following article is based on the recently launched ASEAN Insurance Pulse 2017, prepared by Dr. Schanz, Alms & Company and exclusively sponsored by Malaysian Re. Based on in-depth interviews with executives from 35 companies and organisations from 8 different ASEAN countries, Dr Kai-Uwe Schanz and Mr Wan Murezani Wan Mohamad summarise the insurance-specific opportunities and challenges anticipated from AEC.

ASEAN non-life penetration (premiums as a share of GDP) is a mere 1% of the global average, suggesting a massive catch-up potential. Hence, 69% of executives expect ASEAN non-life premiums to grow in line or faster than the Gross Domestic Product (GDP) over the next twelve months. Only 43% think that premiums will outgrow the economy at large, reflecting relatively lower growth in Malaysia and Thailand. For countries such as Indonesia, the Philippines and Vietnam premium growth is expected to continue outperforming.

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