Insight Report Nascent Insurance Markets and Opportunities for Foreign Insurers
by Timetric
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Insight Report Nascent Insurance Markets and Opportunities for Foreign Insurers Synopsis
The report covers nascent insurance markets and provides: Insights into the Cambodian, Cuban and Myanmar insurance industries. Detailed analysis of various factors driving growth in the insurance industries in Cambodia, Cuba and Myanmar, and different challenges posed by these economies. Comprehensive analysis of the demographic and economic structures of these countries. Insights of existing regulatory standards in these economies for foreign participation, nonadmitted insurance, compulsory insurance and prudential standards. Analysis of various opportunities and challenges for foreign insurers in Cambodia, Cuba and Myanmar. Complete Report available at http://www.rnrmarketresearch.com/insight-reportnascent-insurance-markets-and-opportunities-for-foreign-insurers-market-report.html Š RnRMarketResearch.com ; sales@rnrmarketresearch.com ; +1 888 391 5441
Insight Report Nascent Insurance Markets and Opportunities for Foreign Insurers 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. Myanmar – Asia’s final frontier economy Myanmar, described as the last frontier economy of Asia, began the conversion to a free market economy when its first elected democratic government came to power in March 2011. The new government ended decades of military junta rule and isolation from the rest of the world. As a part of economic liberalization and economic reforms, the new government opened its insurance industry to private insurers in 2012 and is expected to open the market to foreign insurers in 2015. In 2012, the government authorized 12 domestic insurers to establish insurance businesses in the country. These insurers will complete their first year of operation in 2014. Myanmar has the potential to generate US$1.6 billion of insurance premium every year, as estimated by Reuters and is expected to grow rapidly over the coming years. According to Asia Insurance Review’s projections, total insurance premiums generated in the Myanmar insurance industry are expected to reach US$2.8 billion by 2030. Request Sample at http://www.rnrmarketresearch.com/contacts/requestsample?rname=192146 © RnRMarketResearch.com ; sales@rnrmarketresearch.com ; +1 888 391 5441
Insight Report Nascent Insurance Markets and Opportunities for Foreign Insurers 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 (US$1.6 billion) of insurance premium revenue every year. The Asia Insurance Review projects that the Myanmar insurance industry is expected to generate MMK2.4 trillion (US$2.8 billion) of insurance premium in 2030. Buy a Copy of the report at http://www.rnrmarketresearch.com/contacts/purchase?rname=192146 . Š RnRMarketResearch.com ; sales@rnrmarketresearch.com ; +1 888 391 5441