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市場調查報告書

初期階段的保險市場:外資保險企業的市場機會

Insight Report: Nascent Insurance Markets and Opportunities for Foreign Insurers

出版商 Timetric 商品編碼 307058
出版日期 內容資訊 英文 52 Pages
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初期階段的保險市場:外資保險企業的市場機會 Insight Report: Nascent Insurance Markets and Opportunities for Foreign Insurers
出版日期: 2014年06月24日 內容資訊: 英文 52 Pages
簡介

已開發國家的保險市場飽和,今後的成長空間受限。因此,各保險企業為了擴大產業、多樣化,而進軍各國市場。開發中國家的保險市場處於初期階段,最近才開始小規模發展,不過對國外企業的市場開放也正好剛剛開始,預期將帶給外資保險企業巨大的市場機會。

本報告提供全球主要後續發開發中國家(緬甸、古巴、柬埔寨)中,還在初期階段的保險市場相關分析、市場整體特徵和促進、阻礙因素、各國市場的人口、經濟結構及法規環境、外資保險企業的市場機會(潛在的市場規模、競爭力)等調查。

第1章 摘要整理

第2章 初期階段的保險市場:概要

  • 成長推動因素
    • 經濟改革
    • 直接投資(FDI)的流入
    • 未開發的市場
    • 火災保險的需求增加
    • 汽車銷售台數的增加
  • 課題
    • 政治風險
    • 經濟風險
    • 在法規方面的風險
    • 未教育的客戶基礎與經驗不足
    • 國有保險企業的獨佔狀態

第3章 緬甸的保險市場

  • 人口結構
  • 經濟
    • GDP(現在價格)
    • 每人GDP(現在價格)
  • 市場轉移過程
  • 法規環境
    • 直接投資(FDI)及外資進入
    • 非正式的法規
    • 強制加入保險
    • 財務健全性標準
    • 稅制
  • 外資保險企業的市場機會
    • 市場規模
    • 普及率
    • 競爭度

第4章 古巴的保險市場

第5章 柬埔寨的保險市場

第6章 附錄

圖表一覽

目錄
Product Code: IS0696MR

The report covers nascent insurance markets and provides:

  • Insights into the Cambodian, Cuban and Myanmar insurance industries.
  • Detailed analysis of various factors driving growth in the insurance industries in Cambodia, Cuba and Myanmar, and different challenges posed by these economies.
  • Comprehensive analysis of the demographic and economic structures of these countries.
  • Insights of existing regulatory standards in these economies for foreign participation, non-admitted insurance, compulsory insurance and prudential standards.
  • Analysis of various opportunities and challenges for foreign insurers in Cambodia, Cuba and Myanmar.

Summary

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.

Myanmar - Asia's final frontier economy

Myanmar, described as the last frontier economy of Asia, began the conversion to a free market economy when its first elected democratic government came to power in March 2011. The new government ended decades of military junta rule and isolation from the rest of the world. As a part of economic liberalization and economic reforms, the new government opened its insurance industry to private insurers in 2012 and is expected to open the market to foreign insurers in 2015. In 2012, the government authorized 12 domestic insurers to establish insurance businesses in the country. These insurers will complete their first year of operation in 2014.

Myanmar has the potential to generate US$1.6 billion of insurance premium every year, as estimated by Reuters and is expected to grow rapidly over the coming years. According to Asia Insurance Review's projections, total insurance premiums generated in the Myanmar insurance industry are expected to reach US$2.8 billion by 2030. Foreign insurance giants are eager to enter Myanmar and have begun preparations to enter the market when it is opened for foreign investment. Early movers will be responsible for developing Myanmar's insurance industry and should benefit from large shares of the billion-dollar market.

The untapped insurance industry of Cuba

The insurance industry in Cuba was opened for private participation and foreign investment in 1997 under free-market economic reforms initiated by Fidel Castro's then-communist government. However, with the high level of political risk, the Cuban insurance industry is yet to be explored by foreign insurers. Only state-owned bodies such as Esicuba SA, Esen, Asistur SA and Heath Lambert de Cuba SA operate in the country.

The political and economic scenario in Cuba began to change when Raul Castro succeeded Fidel Castro to lead the communist government in 2008. From 2011, Cuba's centrally planned socialist economy began the gradual journey to becoming a free market economy. The government eased out state control in many industries and permitted self-employment in 178 economic activities. Private participation in the economy significantly increased personal wealth and gross national savings, creating increased demand for insurance. Economic reforms are expected to boost GDP growth, which has growing by 2-3% annually since 2010. The gradual economic liberalization is expected to encourage foreign insurers to explore the untapped insurance market in coming years.

Beginning of a new life insurance market in Cambodia

Cambodia ended decades of economic isolation in 2000, when it made the transition to a free market economy. This followed bold economic reforms and economic liberalization, which triggered rapid growth over the next decade. The non-life insurance segment was formally established in the country 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. As of May 2014, six non-life insurers operated in the segment.

The life insurance segment in Cambodia formally started in 2012 with the establishment of the state-owned life insurer Cambodian Life Insurance Company followed by foreign life insurers Manulife and Prudential. The untapped market has the potential to generate around US$80-90.0 million within a decade. Cambodia is an attractive investment opportunity for multinational insurers and more are expected to enter the market in the next five year.

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

Table of Contents

1. Executive Summary

2. Nascent Insurance Markets - Overview

  • 2.1. Growth Drivers
    • 2.1.1. Economic reforms
    • 2.1.2. FDI inflow
    • 2.1.3. Untapped markets
    • 2.1.4. Increasing demand for fire insurance
    • 2.1.5. Rising motor vehicle sales
  • 2.2. Challenges
    • 2.2.1. Political risks
    • 2.2.2. Economic risks
    • 2.2.3. Regulatory risks
    • 2.2.4. Uneducated customer base and lack of expertise
    • 2.2.5. Dominance of state-owned insurers

3. The Myanmar Insurance Industry

  • 3.1. Demographics
  • 3.2. Economy
    • 3.2.1. GDP at current prices
    • 3.2.2. GDP per capita at current prices
  • 3.3. The Transition
  • 3.4. Regulatory Environment
    • 3.4.1. FDI and foreign participation
    • 3.4.2. Non-admitted regulations
    • 3.4.3. Compulsory insurance
    • 3.4.4. Prudential standards
    • 3.4.5. Taxation
  • 3.5. Opportunities for Foreign Insurers
    • 3.5.1. Market size
    • 3.5.2. Penetration
    • 3.5.3. Degree of competition

4. The Cuban Insurance Industry

  • 4.1. Demographics
  • 4.2. Economy
    • 4.2.1. GDP at current prices
    • 4.2.2. GDP per capita at current prices
  • 4.3. The Transition
  • 4.4. Regulatory Environment
    • 4.4.1. FDI and foreign participation
    • 4.4.2. Non-admitted regulations
    • 4.4.3. Compulsory insurance
    • 4.4.4. Prudential standards
    • 4.4.5. Taxation
  • 4.5. Opportunities for Foreign Insurers
    • 4.5.1. Market size
    • 4.5.2. Penetration
    • 4.5.3. Degree of competition

5. The Cambodian Insurance Industry

  • 5.1. Demographics
  • 5.2. Economy
    • 5.2.1. GDP at current prices
    • 5.2.2. GDP per capita at current prices
  • 5.3. The Transition
  • 5.4. Regulatory Environment
    • 5.4.1. FDI and foreign participation
    • 5.4.2. Non-admitted regulations
    • 5.4.3. Compulsory insurance
    • 5.4.4. Prudential standards
    • 5.4.5. Taxation
  • 5.5. Opportunities for Foreign Insurers
    • 5.5.1. Market size
    • 5.5.2. Penetration
    • 5.5.3. Degree of competition

6. Appendix

  • 6.1. Methodology
  • 6.2. Contact Timetric
  • 6.3. About Timetric
  • 6.4. Timetric's Services
  • 6.5. Disclaimer

List of Tables

  • Table 1: Myanmar - Minimum Capital Requirements
  • Table 2: Myanmar - Corporate Tax Rates for the Financial Year 2014
  • Table 3: Insurance Penetration in Asia-Pacific and Other Regions, 2012
  • Table 4: Cuba - Minimum Capital Requirements
  • Table 5: Cuba - Guarantee Fund Requirements
  • Table 6: Cuba - Corporate Tax Rates for the 2014 Financial Year
  • Table 7: Insurance Penetration in Various Economies in Latin America and Other Regions, 2012
  • Table 8: Cambodia - Minimum Capital Requirements
  • Table 9: Cambodia - Corporate Tax Rates for the Financial Year 2014
  • Table 10: Insurance Penetration in Various Economies in Asia-Pacific and Other Regions, 2012

List of Figures

  • Figure 1: Nascent Insurance Markets - Growth Drivers
  • Figure 2: GDP Growth Rates in Cambodia and Myanmar, 2009-2018
  • Figure 3: GDP Growth Rates in Cambodia and Myanmar, 2009-2018
  • Figure 4: Nascent Insurance Markets - Challenges
  • Figure 5: Myanmar - Population Dynamics
  • Figure 6: Myanmar - GDP at Current Prices (MMK Trillions), 2009-2018
  • Figure 7: Myanmar - GDP at Current Prices (US$ Billions) 2009-2018
  • Figure 8: Myanmar - GDP Per Capita at Current Prices (MMK Thousand), 2009-2018
  • Figure 9: Myanmar - GDP Per Capita at Current Prices (US$), 2009-2018
  • Figure 10: Evolution of the Myanmar Insurance Industry
  • Figure 11: Cuba - Population Dynamics
  • Figure 12: Evolution of the Cuban Insurance Industry
  • Figure 13: Cambodia - Population Dynamics
  • Figure 14: Cambodia - GDP at Current Prices (KHR Trillions), 2009-2018
  • Figure 15: Cambodia - GDP at Current Prices (US$ Billion) 2009-2018
  • Figure 16: Cambodia - GDP Per Capita at Current Prices (KHR Thousand), 2009-2018
  • Figure 17: Cambodia - GDP Per Capita at Current Prices (US$), 2009-2018
  • Figure 18: Evolution of the Cambodian Insurance Industry
  • Figure 19: Cambodia - Non-life Insurance Segment Size (US$ Million), 2009-2018
  • Figure 20: Cambodia - Non-Life Insurance Segment Shares by Category, 2011
  • Figure 21: Cambodia - Shares of Non-Life Insurance Companies, 2011
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