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During the past 30 or so years, China has grown from being a relatively minor economic player globally to being the second-largest economy in the world. And that makes it a particularly attractive market for insurers and brokers. As growth mounts in industries as varied as energy, television and spare auto parts, opportunities for the insurance industry abound, say observers. China has the largest population in the world, estimated at 1.34 billion according to the CIA as of last June....More
The Chinese insurance industry has seen rapid expansion during the past 20 years and will see continued high growth rates for the next several decades, one of the country's top regulators said Wednesday....More
International regulatory changes will bring some advantages to reinsurers, but ultimately they are likely to lead to higher prices for insurance coverage, a panel of reinsurance executives said Wednesday....More
Developing economies are tough markets for insurers to enter and expand in, but they can make significant headway if they use new technology rather than distribution networks traditionally utilized in developed nations, a panel of experts said....More
■ Major growth potential for insurance in Brazil: IIS panelists
■ Insurance exposures vary in each emerging market: SCOR chairman
■ Insurers struggling to maintain relevance for policyholders: XL CEO
■ Principles for Sustainable Insurance launched at International Insurance Society Seminar
■ Collaboration needed to expand microinsurance in developing nations: Duperreault
■ Chartis finds microinsurance success through tailored programs, partnerships
■ Insurance industry expands rapidly in China: China regulator at IIS conference
■ Stricter rules likely to increase insurance, reinsurance pricing: IIS panel
■ New technology key to developing emerging markets: IIS panel
A Brazilian saying holds that "Brazil is the country of the future, and always will be." That sardonic comment, which twists Austrian writer Stefan Zweig's praise for the nation as "the country of the future," may have held true once, but insurance industry observers now view it as a land of opportunity for foreign insurers. Like China, Brazil is experiencing economic growth that is creating a growing middle class, according to observers. That creates a demand for insurance products of many kinds....More
Tremendous opportunity for growth exists in the international insurance market, but in many cases regulatory environments present barriers to nondomestic insurers and reinsurers. Examples are China, where obtaining operating licenses can be a slow process; and Brazil, which has backtracked on allowing foreign reinsurers to write business. David Snyder, associate general counsel of the Washington-based American Insurance Assn., discusses how removing trade barriers would allow the worldwide demand for insurance to be satisfied....More