Nascent Insurance Markets and Opportunities for Foreign Insurers

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Insight Report: Nascent Insurance

Markets and Opportunities for Foreign Insurers

Category : Banking & Finance

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Introduction to Report

Launch Date: June 24, 2014

Number of Pages: 52

Geography Coverage: Global

Available Format: PDF

Price For Single User License: USD 3,800

Price For Site License: USD 7,600

Price For Global User License: USD 11,400

Delivery Time: Within 24 Hours (During Working Days)



About the Report

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.



Scope:

This report covers growth opportunities in three nascent insurance markets: Cambodia, Cuba and Myanmar.

The private insurance industries in Cambodia, Cuba and Myanmar are new, and offer significant opportunities for foreign insurance companies.

The report analyzes key factors driving growth in the insurance industries in Cambodia, Cuba and Myanmar, and various risks associated with these economies.

The report also analyzes key socio-economic factors, and the regulatory environments of these economies.



Reasons to Buy:

Gain insights into the nascent insurance markets of Cambodia, Cuba and Myanmar, which are untapped and offer a huge growth potential

Assess the growth potential of these markets, and the opportunities for foreign insurance companies

Understand various factors driving growth in the insurance industry, and different challenges posed by these markets

identify various approaches to enter these markets, and capitalise on the available opportunities



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.

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.



Key Highlights: Continues..

A private insurance market is yet to be established in Cuba and it is difficult to estimate its size.

The state-owned Esicuba SA generated a total gross written premium of CUP99.8 million (US$4.2 million) in the financial year ending December 2011, with annual growth of 29.3% over the CUP77.2 million (US$3.2 million) gross written premium generated in 2010.

The non-life insurance segment was formally established in Cambodia in 2003 with the entry of private insurers.

It grew rapidly during its initial phase of development and generated premiums of US$35.6 million in 2012. The Cambodian insurance industry has substantial potential for growth and is expected to continue to grow over the next decade to become a US$200.0 million industry by 2023.



Report Coverage

1. Executive Summary

2. Nascent Insurance Markets – Overview

3. The Myanmar Insurance Industry

4. The Cuban Insurance Industry

5. The Cambodian Insurance Industry

6. Appendix

For more details regarding Report coverage see the last slide




Company Coverage: Partial List

1. Myanma Insurance

2. Aung Thitsar Oo Insurance Co. Ltd

3. Ayeyar Myanmar Insurance Co. Ltd

4. Aung Myint Moe Min Insurance Co. Ltd

5. Capital Life Insurance Ltd

6. Citizen Business Insurance Public Ltd

7. Excellent Fortune Insurance Company Ltd

8. First National Insurance Co. Ltd

9. Global World Insurance Co. Ltd

10. Grand Guardian Insurance Public Company

11. IKBZ Insurance Public Co. Ltd

12. Pillar of Truth Insurance Co. Ltd

For more details regarding Report coverage see the last slide




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