Page 11 - Digital Edition SIRC Supplement

CONTENTS

Malaysia Singapore
Market growth in line with economy Robust and ready for regional
integration
As the economy grew at a higher rate in 2014,
so did the (re)insurance market. However, While the global economy is entering another
market growth may slow this year in line with phase of uncertainty, the general insurance
views that the GDP may grow at a relatively slower pace, says industry is well-poised to continue strengthening and be ready
Mr Zainudin Ishak of Malaysian Re. for ASEAN Economic Community, says Mr Derek Teo from
General Insurance Association of Singapore.
Nepal
Small market, big potential Sri Lanka
Maintaining growth momentum
Despite being a small market and the challenges amidst challenges
faced, Prof Dr Fatta Bahadur KC of Nepal’s
Insurance Board (Beema Samiti) says there Dr Jagath Alwis of Ceylinco General
is big potential in the country as the regulator works actively Insurance talks about the challenges facing
to grow the market. the market, and what needs to be done to maintain and enhance
further growth.
Pakistan
Opportunities available to boost Taiwan
growth Non-life: Realistic expectations

Despite the challenges facing Pakistan’s Taiwan’s non-life insurance market continues
insurance market, there are opportunities to to log steady growth for the fifth year running.
be tapped on many fronts, says Mr Saifuddin N Zoomkawala We speak to Non-
of EFU. Life Insurance Association of the R.O.C (NLIAROC)
Chairman Jack Tai and Central Re President Chong-Tsang
Philippines Juang on their assessment of the market in the past year.
Competitive market still attracting
new players Thailand
A role in helping neighbouring
Mr Augusto Hidalgo from National countries
Reinsurance Corporation of the Philippines
provides an overview of the industry; drivers of and challenges Mr Vinod Krishnan from Aon Benfield
to this growth; regulatory changes and the role of reinsurance; gives an update on the market and the role
and the future of the market. of Thailand in helping to develop neighbouring countries’
insurance sectors in view of ASEAN Economic Community,
which would be most helpful when cross-border projects are
taking place.

54 ASEAN FOCUS 54
Southeast Asian states have targeted the end of 2015 to create a more integrated economic
region, and the effect on the insurance industry is potentially wide ranging in the long run
– from regulations, distribution, products, talent and operating cost base, amongst others.

56 MENA FOCUS 56
Weak technical performance is driving MENA-based reinsurers towards the Asia Pacific
and other territories in search of higher-margin business, say Messrs Myles Gould and
Mahesh Mistry of A.M. Best.

58 RISK MANAGEMENT FOCUS 58
Mr Raj Juta and Mr David Menezes of Deloitte, say that the reinsurance industry
has performed admirably as Asia weathered a number of large CAT events in recent years.
Looking ahead, the role of risk management has come under the spotlight particularly
given the widespread regulatory thrust for risk-based capital regimes.

SIRC Supplement • November 2015 • www.asiainsurancereview.com 9