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Asian Insurance Focus: India & China
The Knowledge Centre (Sheffield Haworth), Aug 2008, Pages: 301
Globalization is the key source which is bringing about an 'irreversible transformation' in the Asian insurance market. India and China are 'dynamically' driving the growth of insurance markets in Asia and the outlook for this industry in the region is 'sanguine' despite short-term uncertainties.
Asia is becoming an important growth engine for global insurers. The changing socio-economic dynamics present attractive opportunities. According to a latest research report from HSBC, in order to be long-term winners, life insurance companies in Asia need to diversify their income streams such that at least 25% of earnings are sourced overseas, while maintaining a dominant position in the domestic market.
Many Asian financial services companies have exceeded the overall growth rate for their domestic economies and are therefore looking to expand globally or invest their shares in new markets. Another trend predicted by PwC, was that intra-Asian trade would continue to increase, particularly as the West decreased its investment in this region. The increasing wealth and educational development in Asia, has built a good foundation for the development of financial services.
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