Insurance in the frontier markets … whie markets are em arkin on ˆhese markets are revisin insurance and reated reuations to ena e faster sector i eraisation and de†reuation‡ rowth‡ —or exame… a new Insurance ›aw in Œam odia took effect from —e ruary 201™‡ In ˜yanmar… where the insurance market has een in state hands since 1’6¡… in 201¡ tweve rivate comanies were ranted conditiona arova to rovide insurance services‡2¢ ¦hie a Œ›˜ª markets aow forein articiation… there is ack of carity over esta ishment rues‡ ˆo date… o a insurers have meaninfu resence in ªietnam‡ Insurers from ‘ŽE‘N mem er states… mainy ˜aaysia and ªietnam… are resent in Œam odia aso‡ ƒremium rowth in sma markets ƒremium rowth in some Œ›˜ª markets is voatie‡ ˆhis is in art due to the is susceti e to are fuctuations‡ sma siŠe of the existin remium ase… which is susceti e to are fuctuations when ma“or insurance ro“ects o ive‡ —or instance… the imementation of are enineerin ro“ects in ›aos ostered non†ife remium rowth in 2012… foowed y shary ower rowth the foowin year‡ Figure Œ 120% ‹ea rowth of tota insurance remiums 100% in Œ›˜ª… 1’’™†201™… 80% 60% 40% 20% 0% –20% –40% 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 19 19 19 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 Cambodia Laos Myanmar Vietnam Note: €rowth fiures for Œam odia are ony avaia e from 2012‡ Žource: Insurance reuators… Žwiss ‹e Economic ‹esearch Ÿ Œonsutin‡ rowth outlook —urthermore… the Œ›˜ª markets stand ˆhe Œ›˜ª economies have enefited from more sta e domestic socio†oitica to enefit from ‡‡‡ environments in recent years and further interation into the o a economy‡ ˆwo other deveoments wi ikey foster stroner €‚ƒ rowth… and aso otentiay act as rowth drivers for the insurance market… the ‘ŽE‘N Economic Œommunity and Œhina’s ”ne ‰et… ”ne ‹oad oicy‡ ASAŠ conomic ommunit‹ … the formation of the ‘EŒ … ˆhe ‘ŽE‘N Economic Œommunity the ‘EŒ„ was formay inauurated in ‚ecem er 201™‡ ˆhe o “ectives are to foster coser economic interation and cooeration amon the 10 ‘ŽE‘N mem er states‡2 ˆhe “ourney started with the sinin of a ƒreferentia ˆradin ‘reement in 1’’¢… and there has een much roress since‡ —or exame… roduct and safety standards have een harmoniŠed… investment areements imemented… and iots introduced to faciitate customs transit‡ 27 “˜yanmar – ‘sia’s ast frontier economy?” sia Insurance Revie, ˜arch 201¡‡ 28 ˆhe 10 ‘ŽE‘N mem ers incude ‰runei ‚arussaam… Œam odia… Indonesia… ›ao ƒ‚‹ ›aos„… ˜aaysia… ˜yanmar… ƒhiiines… Žinaore… ˆhaiand and ªietnam‡ 20 Swiss Re sigma No 2/2016
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