Insurance in selected emerging and developed markets of Asia

• Main Authors: Yap, Yng Ling, Tan, Siew Yen, Kuk, Bernadette Wei Ling
• Other Authors: Nanyang Business School
• Format: Final Year Project
• Language: English
• Published: 2014
• Subjects: DRNTU::Business
• Online Access: http://hdl.handle.net/10356/59834
• Institution: Nanyang Technological University

The study attempts to provide an insight into some of the established and emerging insurance markets in Asia. Potential of their growth and future prospects are also examined. Asia was selected for the study as it is one of the world’s fastest growing region. The general insurance markets of China, Vietnam, Hong Kong, Japan and Singapore were discussed in detail. Emerging markets of China and Vietnam indicate a high potential for growth. The process of opening of these largely monopolistic insurance markets to foreign insurers is timely, although the pace is slow. Hong Kong, Japan and Singapore are established insurance markets in the region but they exhibit different stages of development. Japan, the largest market in Asia, is undergoing some structural changes. Uncertainties await Hong Kong in view of the transfer of sovereignty in 1997 even though it is thought to be the gateway to the Chinese market. The Singapore market has been relatively stable. It sets its sights on being a regional insurance and reinsurance centre. On the whole, the Asian economies are growing rapidly. This will in turn lead to flourishing insurance markets in the region.