GDP is expected to reach over US$96 billion by 2018, growing at a CAGR of over 10%, according to a new study on ASDReports
Report description overview:
The new report, now available on ASDReports: Nascent Insurance Markets and Opportunities for Foreign Insurers covers nascent insurance markets and provides Insights into the Cambodian, Cuban and Myanmar insurance industries, as well as a detailed analysis of various factors driving growth in the insurance industries in Cambodia, Cuba and Myanmar, and different challenges posed by these economies. You will also gain insights of existing regulatory standards in these economies for foreign participation, non-admitted insurance, compulsory insurance and prudential standards.
The difference:
- 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, enabling you to adjust your business plan accordingly.
- Identify various approaches to enter these markets, and capitalize on the available opportunities, should you be wishing to diversify your business offerings.
Report highlights:
In an effort to establish a private insurance market in Myanmar, two years ago the IBSB granted conditional approval to 12 of 20 applicants intending to carry on insurance business in the country. Of these, three intend to provide only life insurance services and nine intend to operate both life and non-life insurance business.
The government in Myanmar is yet to permit FDI in the insurance industry. Domestic insurers will be given one to two years to establish themselves before the market is opened to foreign insurers. This will enable domestic insurers to compete with foreign insurers once the industry is opened up. The government is expected to permit FDI from 2015 onwards.
According to Reuters’ estimates, based on economic data and benchmarking with neighboring countries, Myanmar has the potential to generate over MMK1 trillion of insurance premium revenue every year. The Asia Insurance Review projects that the Myanmar insurance industry is expected to generate overMMK2 trillion of insurance premium in 2030.