APAC Insurers - Regional Snapshot

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APAC Insurers - Regional Snapshot

  1. 1. LIMITED ACCESS2013 State Street Insurance Survey• This survey, sponsored by State Street and conducted by the Economist Intelligence Unit, examinesthe current state and future outlook for the global insurance industry• Fielded during April 2013, the survey encompassed 307 senior insurance executives globally, ofwhich 110 were based in Asia PacificAbout the Research157%1%22%8%12%LifeHealthP&CReinsuranceDiversified22%15%14%14%35%IndiaJapanChinaSingaporeOtherAPAC Respondents by Country APAC Respondents by Industry Sub-Sector
  2. 2. LIMITED ACCESSKey Challenges Facing Insurers in Asia PacificManagingRiskImproving the assessmentand pricing of risksBalancing liquidityand reserve adequacyRegulationandComplianceAdapting to evolvinginsurance regulationsEnsuring transparency ofbusiness policies and processesDrivingInnovationBringing new, innovativeproducts to market quicklyAdapting distribution tochanging demographicsFinding NewSources ofValueEffectively allocating capital to themost business-critical prioritiesInvesting in morecomplex investment typesOptimizingBusinessStrategyConverting fixed coststo variable costsUsing data more effectivelyacross our company56%61%49%50%51%57%58%48%61%50%33%25%27%22%45%20%30%37%28%19%Minor challenge Major challengeSource: 2013 State Street Insurance Survey,conducted by The Economist Intelligence Unit 2Bringing new, innovative products to market quickly is by some marginthe top business challenge cited by APAC-based insurers
  3. 3. LIMITED ACCESSGrowth Opportunities for Insurers in Asia PacificAPAC Insurers’ Views on Greatest Opportunityfor Their Business in the RegionSource: 2013 State Street Insurance Survey, conducted by The Economist Intelligence Unit CORP-0758 3• Nearly one-third of insurers in APACthink that the growth of mobile and webdistribution channels represents thesingle greatest opportunity for them,second only to demographic trends inthe region• Seizing these opportunities is not easy:77 percent see some degree ofchallenge in adapting distributionstrategies to changing demographics• APAC insurers must also contend withmore multinational firms entering thesemarkets, with 90 percent describing thisincreased competition as a concern fortheir business todayDemographic trends and new distribution channelsare creating opportunities for insurers in Asia Pacific44%31%17%7%1%Overall demographic trendsGrowth of mobile and web distribution channelsHealthcare reformPension reformOther

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