Insurance in selected developing countries - China, Malaysia and the Philippines (past, present & future)

• Main Authors: Kheak, Hui Hiang, Kum, Kar Mun, Wee, Say Bian
• Other Authors: Ashok Goenka
• Format: Final Year Project
• Language: English
• Published: 2015
• Subjects: DRNTU::Business::International business::Asia
• Online Access: http://hdl.handle.net/10356/63744
• Institution: Nanyang Technological University

Asia, home for more than half of the world's population, has experienced many developments : Japan emerging as one of the world leaders and the emergence of Hong Kong, Taiwan, South Korea and Singapore as the Newly Industrialised Economies. The opening up of the economy of China and Vietnam will also have far reaching effect on the role of Asia in the world affairs. Closer to Singapore, the economies of Malaysia, Thailand and Indonesia are growing fast. This signifies the emergence of Asia as the future growth area. Insurance as a financial service would complement this growth. The aim of the project is to explore the potential of the insurance industry in China, Malaysia and Philippines and the problems inherent in this sector. The study is based on a review of the literature on the subject and collation of opinion of practitioners in the insurance field. There are abundant insurance opportunities in China as it has a large biggest population. However, one must not jump into the wagon too early for many insurance facilities have not been properly laid down. Malaysia, the most developed insurance industry among the three, has lots of potential to go further. Philippines is an exception among the three. There are a series of unresolved economic problems, natural disasters and political chaos, which retards the development process. Nonetheless, there is hope as the economy is picking up under the leadership of President Ramos.