Insuring the emerging and frontier markets … eadin to a u in new entrants in the ˆhese factors have discouraed entry y forein re/insurers into ‘rentina… and insurance sector‡ in some instances… rovided the imetus for exit‡ No o a forein insurers have entered the market since ˆaanx acšuired ›’¥nion de ƒaris in 2011… and three have exited‡4’ ™0 ŒN‘ eft ‘rentina in 2010… foowed y ›i erty Internationa in 2014‡ ›oca carriers icked u the difference… rowin their market share from 4™ of remiums in 200’ to ™¡ in 201™‡ ˆhe imact on the reinsurance market has een more ronounced‡ ˆhe restrictive measures introduced in 2011 resuted in a decrease of market concentration – the share of the to ™ reinsurers fe from ™¢ in 2011 to 4’ in 2014… – and a shift in favour of oca reinsurers‡ ˆhe restrictions have aso reinforced a decades†on trend of market exit… with the num er of reinsurers fain from 1¡¡ in 2012 to 10 in 2014‡ Žti… insurers wi continue to caitaise ˆhe ‘rentina exame hihihts the innate uncertainties and risks of emerin on the rowth oortunities in emerin and frontier markets… as we as the itfas‡ ‘nother exame is Œhina… where forein ™1 and frontier markets‡ insurers have market shares of “ust 2‡2 in the non†ife sector and ™‡ in the ife‡ £ere too… eorahic and ine†of† usiness restrictions… as we as stron domestic cometition… have imited forein enetration‡ £owever… these markets can sti offer sinificant scae and uift to insurance remium rowth‡ ‘nd o a insurers are seekin to enter the markets… takin advantae of increasiny i era entry reimes… such as in the frontier markets of Œam odia… ˜yanmar… Œoom ia and ƒeru‡ 49 §‡ ƒorter… “ˆaanx comra unidades de ›’¥nion de ƒaris y usca más adšuisiciones en ›atinoamérica”… ˜‹mericas, ™ ‘ri 2011… htt://su scri er‡ namericas‡com/Žu scri er/es/news/seuros/ taanx†comra†unidades†de†union†de†aris†y† usca†mas†adšuisiciones†en†atinoamerica 50 ±‡ ›oneran… “›i erty vende activos de seuros en ‘rentina a ±ranos Œaita”… ˜‹mericas, 14 ˜arch 2014… htt://su scri er‡ namericas‡com/Žu scri er/es/news/seuros/i erty†vende† activos†de†seuros†en†arentina†a†kranos†caita… and: §‡‘‡ ‘ arca… “À‰E adšuiere ŒN‘ ‘‹ˆ y avanŠa a tercer uar de a industria”… ˜‹mericas, 1¡ ˜ay 2010… htt://su scri er‡ namericas‡com/Žu scri er/ es/news/seuros/À‰E½adšuiere½ŒN‘½‘‹ˆ½y½avanŠa½a½tercer½uar½de½a½industria 51 —iures refer to 2014‡ Žee nnual Report o the Œhinese Insurance arket, ŒI‹Œ… 201™‡ ¡0 Swiss Re sigma No 2/2016
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