Aarkstore - Insight Report: Nascent Insurance Markets and Opportunities for Foreign Insurers

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 Insight Report Nascent Insurance Markets and
Opportunities for Foreign Insurers
Category Insurance  
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nsurance/36281/Insight-Report-Nascent-Insurance-Ma
rkets-and-Opportunities-for-Foreign-Insurers
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Summary
Insurance markets in developed countries are
mature, with limited scope for growth. Insurers
operating in these markets are therefore looking
to new regions to expand and diversify. A nascent
insurance market is one that is small and newly
developing, and those that have been opened for
foreign investment offer significant
opportunities to foreign insurers.
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m/insurance/36281/Insight-Report-Nascent-Insurance
-Markets-and-Opportunities-for-Foreign-Insurers
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Scope

• This report covers growth opportunities in three
  nascent insurance markets Cambodia, Cuba and
  Myanmar.
• The private insurance industries in Cambodia,
  Cuba and Myanmar are new, and offer significant
  opportunities for foreign insurance companies.
• The report analyzes key factors driving growth in
  the insurance industries in Cambodia, Cuba and
  Myanmar, and various risks associated with these
  economies.
• The report also analyzes key socio-economic
  factors, and the regulatory environments of these
  economies.

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Key Highlights
The Myanmar insurance industry was opened to
private operators in late 2012. In an effort to
establish a private insurance market in the
country, in September 2012 the IBSB granted
conditional approval to 12 of 20 applicants
intending to carry on insurance business in the
country. Of these, three intend to provide only
life insurance services and nine intend to
operate both life and non-life insurance
business. The government in Myanmar is yet to
permit FDI in the insurance industry. Domestic
insurers will be given one to two years to
establish themselves before the market is opened
to foreign insurers. This will enable domestic
insurers to compete with foreign insurers once
the industry is opened up. The government is
expected to permit FDI from 2015
onwards. According to Reuters estimates, based
on economic data and benchmarking with
neighboring countries, Myanmar has the potential
to generate MMK1.3 trillion (US1.6 billion) of
insurance premium revenue every year. The Asia
Insurance Review projects that the Myanmar
insurance industry is expected to generate MMK2.4
trillion (US2.8 billion) of insurance premium in
2030.
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Reasons To Buy

• Gain insights into the nascent insurance markets
  of Cambodia, Cuba and Myanmar, which are untapped
  and offer a huge growth potential
• Assess the growth potential of these markets, and
  the opportunities for foreign insurance companies
• Understand various factors driving growth in the
  insurance industry, and different challenges
  posed by these markets
• identify various approaches to enter these
  markets, and capitalise on the available
  opportunities

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Table Of Content
1 Executive Summary 2 Nascent Insurance Markets
Overview 2.1 Growth Drivers 2.1.1 Economic
reforms 2.1.2 FDI inflow 2.1.3 Untapped
markets 2.1.4 Increasing demand for fire
insurance 2.1.5 Rising motor vehicle sales 2.2
Challenges 2.2.1 Political risks 2.2.2 Economic
risks 2.2.3 Regulatory risks 2.2.4 Uneducated
customer base and lack of expertise 2.2.5
Dominance of state-owned insurers 3 The Myanmar
Insurance Industry 3.1 Demographics 3.2
Economy 3.2.1 GDP at current prices 3.2.2 GDP per
capita at current prices
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Discount Reports

• Canada Accident and Health Insurance Market
  Update
• Cyprus Accident and Health Insurance Market
  Update
• France Accident and Health Insurance Market
  Update
• Italy Accident and Health Insurance Market
  Update
• New Zealand Accident and Health Insurance Market
  Update
• Romania Accident and Health Insurance Market
  Update
• South Africa Accident and Health Insurance
  Market Update
• Taiwan Accident and Health Insurance Market
  Update
• UK Accident and Health Insurance Market Update
• Lithuania Accident and Health Insurance Market
  Update

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Insight Report Nascent Insurance Markets and
Opportunities for Foreign Insurers Published
Jun 2014 52 Pages Insurance markets in
developed countries are mature, with limited
scope for growth. Insurers operating in these
markets are therefore looking to new regions to
expand and diversify. A nascent insurance market
is one that is small and newly developing, and
those that have been opened for foreign
investment offer significant opportunities to
foreign insurers.
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Contact Us
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