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Jul 2019

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Asia: Market share of multinational insurers unlikely to change near-term

Source: Asia Insurance Review | Apr 2019

Almost two thirds of respondents in a study on life and health insurance expect the market share of multinational insurers in emerging Asia to remain stable over the next 12 months, according to the inaugural edition of Emerging Asia Life Insurance Pulse.
 
The report, published by Dr Schanz, Alms & Company and exclusively sponsored by Peak Re, said that global insurers’ competitive advantages in terms of brand recognition, economies of scale and scope as well as technical capabilities continue to be offset by structural disadvantages compared to domestic players such as a lack of access to rural areas and cultural reservations vis-à-vis foreign life and health insurers. 
 
The perceived openness of markets to foreign competitors also matters greatly. Indonesia and Vietnam, and to a smaller extent China, are considered to offer more opportunities than India, for example. 
 
Generally speaking, many executives expect insurers from Japan and Korea to grow fastest among foreign market participants.
 
These findings are based on structured interviews with executives representing 29 regional and international (re)insurance companies and intermediaries operating in Asia’s emerging life and health insurance markets, which primarily include China, India, Indonesia, Malaysia, Pakistan, the Philippines, Thailand and Vietnam. The report covers life insurance, fixed-benefit type health insurance and reimbursement-type medical insurance. A 
 
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