September 2015

Spotlight – In international business, almost every market around the world does things in a different way. This often leads to misunderstandings and unfulfilled expectations. However, different does not need to mean difficult and knowledge of the needs and characteristics of specific geographic markets is an advantage to those who are active in the global economy. These articles help you understand different aspects of the insurance industry around the world, enabling those who do business there to feel more “at home, abroad.”

According to Standard & Poor’s, the ASEAN Economic Community which is set to take shape at the end of 2015, will provide insurers with huge opportunities for increased market access in the Association of Southeast Asian Nations region. We wonder how many of our readers were aware of this eagerly awaited group.

AEC envisages the following key characteristics: (a) a single market and production base, (b) a highly competitive economic region, (c) a region of equitable economic development, and (d) a region fully integrated into the global economy. This is heady stuff. What interests us is how this affects the insurance industry. One firm poses questions many of us would ask and provides answers. Milliman, an independent firm delivering market-leading services and solutions to clients worldwide for more than 60 years has published research entitled “Potential Implications of the ASEAN Economic Community for the life insurance industry.” We are very pleased to be able to provide a link to this at http://www.milliman.com/uploadedFiles/insight/2015/20150724_Potential%20implications%20of%20the%20ASEAN%20Economic%20Community.pdf

Any questions or comments should be directed to the Consulting Actuary, David Kong at david.kong@milliman.com