In the insurance industry, it is common knowledge that The
Association of Southeast Asian Nations (ASEAN) region presents
enormous growth potential, fuelled by the key characteristics of
low existing insurance penetration rates, rapidly growing wealth
and an expanding middle class, and the exposure of the region to
the threat of natural catastrophe.
In the coming years, the region will provide further
opportunities for insurers, including in the form of the opening of
new markets such as Myanmar, which has been largely closed to
foreign participation. While the impact of the liberalisation of
this market is not expected to be large in the short term, the fact
that so many insurers and intermediaries have established a
presence in the country reflects the fact that it presents a great
opportunity for insurers to establish a foothold in one of the
remaining untapped markets in the region.
