Asia: Five Asian countries in top 10 list of Aon Benfield's Country Opportunity Index
Source: Asia Insurance Review | Apr 2015
Five Asian markets – Singapore (third), Hong Kong (fourth), Malaysia (fifth), Indonesia (sixth), and China (eighth) – were listed in the top 10 Country Opportunity Index in Aon Benfield’s Insurance Risk Study. Topping the list was Saudi Arabia.
The findings in its “Welcome to Asia” guide show that India and China – representing the BRIC countries – enjoyed the highest compound annual growth rate (CAGR) of non-life premium at 21% and 20% respectively from 2009 to 2013.
Thailand, Vietnam and Indonesia also enjoyed significant growth with CAGR above 15%.
While developing markets in Asia Pacific enjoyed fast growth, the report also reveals that the insurance penetration rates remain low.
For the year ended 31 December 2013, non-life penetration rates for India (0.6%), China (1.1%), Vietnam (0.7%) and Indonesia (0.4%) were below the 1.4% Asia Pacific average and well behind developed markets in this region such as Australia, New Zealand and Korea. This highlights the potential of these markets in terms of future opportunities.
“The greatest opportunity not only for 2015, but for the immediate future, is the development of new products to cater for the expanding universe of risk and also to increase penetration into uncovered conventional risk across the region. We see growth opportunities across all the economies of Asia,” said Mr Malcolm Steingold, CEO of Aon Benfield for Asia Pacific.