The Southeast Asia region’s insurance market will continue to reapsuccess once the ASEAN Economic Community (AEC) is formed at the end of2015, said Singapore’s Straits Times.
The newspaperquoted Managing Director of international credit ranking agency AM BestAsia Pacific Roger Sellek as saying that insurers are planning to expandtheir business to overseas markets once the AEC is formed andinternational credit rates will be a “passport to neighbouring markets”for 110 insurance and reinsurance companies with branches in Singapore.
Withimpressive growth in the island country’s market, AM Best Asia Pacificexperts predicted the personal insurance market will blossom in Thailandand Indonesia, the newspaper said, adding that Singapore is currentlythe biggest insurance market in the Southeast Asian region with totalrevenue from life insurance and non-life insurance reaching nearly 23billion USD in 2013.
However, experts estimate Singaporean insurers will need a decade or longer to build competitive competency.
Manybig insurance companies with branches in the country have inkedagreements to offer their products through the banking network.
Manulifehas signed an exclusive agreement worth around 1.2 billion USD withSingapore’s DBS bank to sell their products to bank customers inSingapore, China and Indonesia.
Previously, Prudential and AIAalso made similar agreements with the Standard Chartered bank andCitibank in an attempt to expand their businesses in 11 Asia markets.-VNA
The newspaperquoted Managing Director of international credit ranking agency AM BestAsia Pacific Roger Sellek as saying that insurers are planning to expandtheir business to overseas markets once the AEC is formed andinternational credit rates will be a “passport to neighbouring markets”for 110 insurance and reinsurance companies with branches in Singapore.
Withimpressive growth in the island country’s market, AM Best Asia Pacificexperts predicted the personal insurance market will blossom in Thailandand Indonesia, the newspaper said, adding that Singapore is currentlythe biggest insurance market in the Southeast Asian region with totalrevenue from life insurance and non-life insurance reaching nearly 23billion USD in 2013.
However, experts estimate Singaporean insurers will need a decade or longer to build competitive competency.
Manybig insurance companies with branches in the country have inkedagreements to offer their products through the banking network.
Manulifehas signed an exclusive agreement worth around 1.2 billion USD withSingapore’s DBS bank to sell their products to bank customers inSingapore, China and Indonesia.
Previously, Prudential and AIAalso made similar agreements with the Standard Chartered bank andCitibank in an attempt to expand their businesses in 11 Asia markets.-VNA
