Asean has greater need for insurance to safeguard economic success
ASEAN, as a region, is growing very rapidly. Over the past decade, FDI has quadrupled. And yet, insurance penetration has failed to keep pace. Asean's insurance penetration rate was 3.4 per cent in 2013 - just half the global average.
Why does this matter?
In simple terms, insurance underpins economic development. We protect the farms, mines and factories where commodities and goods are produced. We cover the roads, railways and ports that move these goods to market. And we stand behind every retailer and service provider, safeguarding them from unexpected threats that would otherwise damage their balance sheet beyond repair.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Columns
‘Competition for talent’ a poor excuse to keep key executives’ pay under wraps
OCBC should put its properties into a Reit and distribute the trust’s units to shareholders
Why a stronger US dollar is dangerous
An overstimulated US economy is asking for trouble
Too many property agents? Cap commissions on home sales
Time to study broadening of private market access