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What insurance executives expect from the ASEAN Economic Community (AEC)

Friday 01.12.2017 // Asia Insurance Review // Dr. Kai-Uwe Schanz and Mr. Wan Murezani Wan Mohamad

The ASEAN Economic Community (AEC) was formally launched on 31 December 2015 as a major milestone in regional economic integration with the aim to ultimately create a single market with minimal economic barriers in order to facilitate the movement of goods, services (including insurance), investment, capital and skilled labour.

2020 has been identified as a potential milestone for the ASEAN insurance industry; even though there is no specific timetable yet, cross-border trade in insurance services is set to be liberalised first. It usually covers relatively simple and commoditised insurance products such as motor or term life insurance. The member states have repeatedly reaffirmed their commitment to open marine, aviation and transit (MAT) insurance, reinsurance and retrocession, as well as catastrophe insurance markets first.

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