… whie ancassurance is emerin as an ‰ancassurance is widey seen as the key ena er of rowth‡ ˆhis has een the case aternative‡ ost the o a financia crisis… after which many anks withdrew from insurance roduct desin to focus on distri ution‡ Insurers are ookin to otimise new and existin artnershis to enerate additiona saes with oca and internationa anks with stron rand vaue and wide distri ution networks‡ —or exame… with this aim ‘»‘ has artnered with ˜andiri in Indonesia… ˜etro ank in ƒhiiines and 44 ¥krŽi ank in ¥kraine‡ Žimiary… ‘I‘ has “oined forces with ŒI˜‰ and ‰Œ‘ in 4™ Indonesia… ‰ƒI in ƒhiiines and ƒu ic ‰ank in ˜aaysia‡ ‰oth ife and non†ife roducts are ein sod throuh anks… ut most are ife and heath services‡ —or instance… ‘»‘ is sein rotection with savins in ˆhaiand and unit inked savins 46 with rotection in Indonesia‡ It is aso taretin new customers ike Ž˜Es for commercia insurance‡ ‚irect and diita distri ution is emerin ˜any frontier markets have a are tech savvy miennia ouation… and insurers raidy‡ have started to work on their diita infrastructure to everae this oortunity‡ ˆhe aim is to make use of direct diita distri ution channes ike teemarketin and onine saes to increase consumer reach and enaement… whie aso rovidin vaue added services‡ —or exame… ˜et›ife states that direct marketin is one of 4¢ its strateic rowth initiatives in ›atin ‘merica‡ It aso sees sinificant oortunity 4 for direct marketin in ŒEE and the ˜idde East‡ ˆhe a iity to utiise technooy can aow emerin markets to eafro insurance deveoment‡ Žuch as in India… where insurers have increased saes of term†ife roducts makin use of ehavioura economics concets to steer more “cicks” and utimatey hiher take†u of ife rotection roducts‡ earnings from Argentina Insurers have withdrawn from emerin €o a insurers have esta ished themseves in many emerin and frontier markets… and frontier markets due to oerationa… ut there have aso een incidences of withdrawa from markets due to oerationa… reuatory and oitica reasons‡ reuatory and oitica reasons‡ Žuch has een the case in ‘rentina… where deterioratin domestic macroeconomic conditions have created a chaenin oeratin environment for re/insurers… eseciay forein ones‡ ˆhey have faced oitica and economic insta iity… exemified y dou e†diit infation and soverein defaut… as we as severa market restrictive measures introduced durin the ±irchner 200¡–200¢„ and —ernandeŠ 200¢–201™„ administrations‡ Exames of such state interventions in the re/insurance market incude: In ‘rentina… worsenin economic ̤ ‹eforms to the rivate heath insurance system assed in 2011 that extended conditions and state intervention created enefits for oicyhoders and outawed the denia of insurance owin to an severe chaenes ‡‡‡ aicant’s ae or re†existin medica conditions° ̤ —orced reatriation of forein assets and minimum rešuirements for investments in state†directed infrastructure and “roductive ro“ects”… such as those of the recenty nationaised oi and as roducer ¼ƒ—° ̤ ˆhe whoesae nationaisation in 200 of rivate ension funds and eimination of rivate ension fund administrators° ̤ ˆiht restrictions on cross† order reinsurance‡ ˆhis incudes a imit to 40 of tota cessions to affiiated comanies‡ 44 Investor Da presentation, ‘»‘ ‘sia… ¢ Novem er 2012‡ 45 I Group ”imited Interim Results nalst ˜rieing Presentation Transcript, ‘I‘… 24 §uy 201™‡ 46 “Žavins and ‹etirement”… Investor Da presentation… ‘»‘… 20 Novem er 2014‡ 47 ”atin merica Investor Da presentation, ˜et›ife… 11 ˜arch 201™‡ 48 Investor Da presentation, ˜et›ife… 2012‡ Swiss Re sigma No 2/2016 2’
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