Asia to Become Top Insurance Market in 2017: Swiss Re

by swisscham in Bank, Finance, Insurance

Swiss Re, a wholesale provider of reinsurance, believes the combination of a growing middle-income sector in Asia, especially in emerging markets, the low insurance penetration, and ChinaÕs ÒOne Belt, One RoadÓ policy will make Asia become the biggest insurance market in the new year. Speaking on the business outlook for Asean countries in 2017 at the ÒThailand Insurance SymposiumÓ yesterday, Clarence Wong, chief economist for Asia at Swiss Reinsurance Company, said he believed that premium income would surpass those in North America and the European Union. Ten years ago, premium income in Asia was half that of North America, he said, adding that the growing income in Asia over the past few years had attracted insurance firms to broaden their presence in this region. The insurance industry in Asia is in its third phase of development, in economic growth, income growth, solvency reform and personal lines, he said. Premium income from life and health insurance in the region is on an upward trend due to demographic changes and need for healthcare.

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