Despite global economic crisis, the insurance market continues topost a rapid growth in ASEAN countries and new emerging economies.
This was stated at the 16th ASEAN Insurance Regulators’ Meeting(AIRM 16) and the 39 th ASEAN Insurance Council Meeting (AIC 39) whichwere held earlier this month in Da Nang city.
Insurancemanagers discussed issues over management capacities, legal environmentimprovement, supervision and early warning systems for insurance in theregion.
According to a report about the growth of insurance market in the ASEAN, the insurance revenue has strongly rocketed.
The 2012 insurance revenue in ASEAN rose up to 17.6 percent with 71.7 billion USD.
Singapore topped with insurance premium of 21.8 billion USD,Thailand with 16.85 billion USD, and Indonesia with 13.34 billionUSD, respectively.
In 2012, there were 609 insurance agents inASEAN, in which non – life insurance accounted for 61 percent, thelargest share in the insurance market. Life insurance, reinsurance,and general insurance made up 26 percent, 7 percent and 5 percent of themarket respectively.
In ASEAN region, domestic insurancecompanies held 58.6 percent, while foreign- managed and 100 percentforeign capital ones accounted for 23.7 percent and 17.6 percent each.
The insurance industry set up 1,404,019 new agents in 2012, astrong increase compared to the previous year, especially in Indonesia. The insurance’s total assets soared 15.3 percent, from 312.7 billionUSD in 2011 to 160.6 billion USD in 2012.
On enhancingcapacity of supervision and management roles, an ADB representativenoted that limited supervisory capacity, incomplete legal framework ofmany countries and different insurance rule application among countriesneed to be fixed to narrow the gap among ASEAN countries.
Vietnam ’s insurance market was set up in 1993 when governmentallowed opening insurance businesses. Since then, Vietnam ’sinsurance market has achieved remarkable development, especially overthe last 10 years.
Types of insurance include life insurance,non-life insurance and insurance intermediaries. Insurance products arevarious in which life and health insurances have earned highest revenuegrowth of 20- 25 percent per year.
The legal framework for insurance practices has been fully developed.
However, Vietnam ’s insurance market is till a fledging market incomparison with some other countries in the region in terms of bothbusiness-scale and diversified products.
According to Ministerof Finance Dinh Tien Dung, Vietnam will open up its insurance marketfor all- both local and international insurance companies meanwhilerestructuring the current local insurance companies to improve theirservice quality, financial capacities and especially their riskmanagement.-VNA
This was stated at the 16th ASEAN Insurance Regulators’ Meeting(AIRM 16) and the 39 th ASEAN Insurance Council Meeting (AIC 39) whichwere held earlier this month in Da Nang city.
Insurancemanagers discussed issues over management capacities, legal environmentimprovement, supervision and early warning systems for insurance in theregion.
According to a report about the growth of insurance market in the ASEAN, the insurance revenue has strongly rocketed.
The 2012 insurance revenue in ASEAN rose up to 17.6 percent with 71.7 billion USD.
Singapore topped with insurance premium of 21.8 billion USD,Thailand with 16.85 billion USD, and Indonesia with 13.34 billionUSD, respectively.
In 2012, there were 609 insurance agents inASEAN, in which non – life insurance accounted for 61 percent, thelargest share in the insurance market. Life insurance, reinsurance,and general insurance made up 26 percent, 7 percent and 5 percent of themarket respectively.
In ASEAN region, domestic insurancecompanies held 58.6 percent, while foreign- managed and 100 percentforeign capital ones accounted for 23.7 percent and 17.6 percent each.
The insurance industry set up 1,404,019 new agents in 2012, astrong increase compared to the previous year, especially in Indonesia. The insurance’s total assets soared 15.3 percent, from 312.7 billionUSD in 2011 to 160.6 billion USD in 2012.
On enhancingcapacity of supervision and management roles, an ADB representativenoted that limited supervisory capacity, incomplete legal framework ofmany countries and different insurance rule application among countriesneed to be fixed to narrow the gap among ASEAN countries.
Vietnam ’s insurance market was set up in 1993 when governmentallowed opening insurance businesses. Since then, Vietnam ’sinsurance market has achieved remarkable development, especially overthe last 10 years.
Types of insurance include life insurance,non-life insurance and insurance intermediaries. Insurance products arevarious in which life and health insurances have earned highest revenuegrowth of 20- 25 percent per year.
The legal framework for insurance practices has been fully developed.
However, Vietnam ’s insurance market is till a fledging market incomparison with some other countries in the region in terms of bothbusiness-scale and diversified products.
According to Ministerof Finance Dinh Tien Dung, Vietnam will open up its insurance marketfor all- both local and international insurance companies meanwhilerestructuring the current local insurance companies to improve theirservice quality, financial capacities and especially their riskmanagement.-VNA
