ArticleBiz.com :: Free article content
Authors: Maximum article exposure. Publishers: Reprintable article content.
BROWSE ARTICLES
ArticleBiz.com Home
Featured Articles
Recently Added Articles
Most Viewed Articles
Article Comments
Advanced Article Search
AUTHORS
Submit Article
Check Article Status
Author TOS
PUBLISHERS
RSS Article Feeds
Terms of Service

Axis Capital Group Insurance Update: Asian Bi-Annual Report
Home Business Sales / Service
By: Inah Goethem Email Article
Word Count: 426 Digg it | Del.icio.us it | Google it | StumbleUpon it

  

With the great rise in business development and industrial growth in Asia, asset values are generally enabling insurers to pay higher premium for increased protection levels. Not that the risk is higher but people have been slowly realizing the importance of private insurance. Life and non-life insurance have high number of patrons across the continent with the highest of mobile insurance policies provided in Jakarta, Indonesia and Bangkok, Thailand; life insurance in Singapore and health insurance in Seoul, South Korea and Vietnam.

Review of this past 6 months activity shows that regional gross domestic product (GDP) growth is projected to remain solid at 5.4%-5.5% this year and rebound to 5.5% - 5.8% in 2015. Inflation is also expected to remain benign across much of the region, except in India and Indonesia, where monetary policy will remain tight to fend off inflationary pressures.

For the next 6 months remaining of 2015, major developing countries are expected to grow by 5% more. Consequently, the regionís continuing appeal to foreign insurers seeking growth opportunities remains strong.

The opportunity to offer private health insurance in Asia is also expanding, due to rising individual income levels and government budget constraints. In China, the health insurance market is growing strongly as consumers turn to the private sector to fill in the gaps left by inadequate government schemes while everyone waits for the success of Indonesiaís own insurance scheme. India is another promising market for personal health insurance; only 15% of the population is covered by government health insurance and 2.2% by private health insurance.

In this evolving environment, insurance has also expanded to dominate online sources and this method has slowly been integrated to all operations in Asia. However, it would take time for Asians to adapt as there are also a lot of cyber insurance scams which pose as threat to insurerís data and privacy. Insurers in Asia will need to consider the following adjustments to their service, products and compliance efforts in 2015:

1. Streamline the value chain via the cloud and traditional business process outsourcing (BPO)
2. Expand products and services to address the growing needs of the high-net-worth (HNW) market
3. Adapt product strategies to the changing regulatory environment
4. Increase compliance to respond to growing sales and consumer protection regulations
5. Develop capital and Merger and Acquisition (M&A) opportunities
6. Reposition investment strategies
7. Enhance data controls and metrics

AXIS is a global insurer and reinsurer, providing clients and distribution partners with a broad range of specialized risk transfer products and services.

Article Source: http://www.ArticleBiz.com

This article has been viewed 1492 times.

Rate Article
Rating: 0 / 5 stars - 0 vote(s).

Article Comments
There are no comments for this article.

Leave A Reply
 Your Name
 Your Email Address [will not be published]
 Your Website [optional]
 What is six + nine? [tell us you're human]
Notify me of followup comments via email


Related Articles


Copyright © 2019 by ArticleBiz.com. All rights reserved.

Terms of Service | Privacy Policy | Contact Us | Submit Article | Editorial