Authors: Li-May Chew, Kai-Rong Neo

Business Strategy
December, 2012  -  Doc # FIN238200
Number of Pages: 28
Number of Figures: 5

This IDC Financial Insights report is the second in the series of country capsules, demarcating industry developments and insurance players in Thailand, Indonesia, and the Philippines. Similar to our prior release on Singapore and Malaysia (see Business Strategy: Insurance Country Capsules for Singapore and Malaysia — Cautiously Optimistic, IDC Financial Insights #FIN237173, October 2012), this report will detail information pertaining to the insurance industry as well as the challenges encountered by these emergent markets in 2011 and year to date.

"Conversations with the insurance community indicate a concerted focus on these emerging markets as several factors — ranging from hitherto low insurance penetration rates, to consumers' mounting awareness for risk prevention, to consumers' financial maturity, to more accommodative government policies and concessions for microinsurance — continue to underpin insurance demand in these nations," said Li-May Chew, CFA, associate research director, Worldwide Insurance Advisory Service. "Focus also needs to be on crafting products that are not just successful but also sustainable and can grow to scale from a distribution standpoint given that countries like the Philippines and Indonesia are vast and have a sizeable portion of residents living in rural areas."

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