The Smaller General Insurance Markets in Asia

The insurance markets in the Asian countries will have a significant contribution to the global market growth in the coming years. Developing countries such as China, India and Indonesia are expected to experience strong growth due to higher demand for insurance from an expanding middle class. Singapore, Japan and Hong Kong are considered to have a more mature market in the region. In addition, they also have better resources and expertise. In contrast, there are very new and lesser known markets such as Brunei, Cambodia, Lao and Myanmar. They are very small in size. The objective of this paper is to provide insight into these markets (despite certain information possibly not being available). The paper covers the following sections: – Market overview – Regulation (including capital and solvency requirements) – Availability of actuarial staff