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ALBANY, NY – JUNE 2015 — This global report from Timetric provides extensive market analysis and insights into emerging insurance markets, including a detailed analysis of five key high-growth markets: Mexico, Indonesia, Kenya, Turkey and Vietnam. There is an overview of the competitive landscape in these key emerging markets and insights into recent developments across product categories and distribution channels. In addition, there is analysis of the size of the insurance industry and the life, non-life and personal accident and health segments for each market.

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The insurance industry was driven by economic growth in Mexico, Indonesia, Kenya, Turkey and Vietnam during the review period. In 2009, the Mexican economy recorded a 19.3% decline in GDP at current prices due to the global financial crisis, affecting exports and foreign direct investment (FDI).

Despite this, the insurance industry expanded significantly from US$19.5 billion in 2010 to US$29.5 billion in 2014 in terms of gross written premium, at a review-period CAGR of 10.84%.

This growth was partly due to the robust regulatory environment and favorable demographic dividends, including the rising middle-class population. At the same time, real GDP in Indonesia grew at an average of 6% during the review period, as a result of rapid growth in the industrial and service sectors.

The 2012 euro debt crisis affected Turkey, although the country performed better than other European economies, and real GDP grew at a review-period average of 5.4%. A major challenge for insurers in the peer group has been maintaining steady growth in gross written premium and profitability. The industry is still developing, and requires more investment in operational and sales infrastructure, raising risks of delays in returns on investment (ROI). Low consumer awareness in the peer group adds to the industry’s challenges.

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As urbanization gradually brings economic development, it also creates opportunities for insurers. The urban population in Kenya, Vietnam, Indonesia, Turkey and Mexico grew at 19%, 12.9%, 11.5%, 8.4% and 6.4% respectively, between 2010 and 2014. Rises in employment opportunities and disposable incomes create demand for savings and life insurance products, as well as for non-life products. Rises in demand for residential and commercial property, personal and commercial vehicles, and public transport create demand in their respective insurance categories.

Urbanization tends to be led by investment in infrastructure, and the construction of large infrastructure projects required insurance to manage the risks for the governments, companies, workers and investors involved. This creates demand for property, liability and casualty insurance. Most growth in urban populations is expected in emerging economies. Economic growth has fueled urbanization in the peer group countries, where most of the population resides in urban areas, with the exception of Vietnam. The urban populations are expected to grow over the forecast period, driving demand for products in all insurance lines.

Most populations in the high-growth markets of Mexico, Indonesia, Kenya, Turkey and Vietnam are in the working age group (15–64 years). As populations rose, the proportions of the working-age populations in each country increased during 2010–2013. The working-age population proportions in Mexico, Indonesia, Kenya, Turkey and Vietnam stood at 65.9%, 55.1%, 65.1%, 67% and 70.7% respectively in 2014. This provides significant potential for insurance products in all segments, which is expected to continue over the forecast period. Employment has also improved, supported by sound economic growth. A key consequence of this has been an increase in annual disposable incomes and net family incomes, which has increased demand for insurance.

As emerging economies, the insurance industries in Indonesia, Turkey, Kenya and Vietnam are still developing. Skilled personnel and underwriting specialists are scarce, especially in Kenya and Vietnam, which may discourage large investment by foreign insurers. Much of the populations in these markets reside in areas with poor road and communications infrastructure, making it difficult for insurers to access markets and distribute products. Setting up new distribution channels creates challenges in terms of time and resources.

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Reasons to Buy:

Identify the current key developments in each of these emerging markets to ensure your strategy is devised based on the most up-to-date intelligence.

Assess the degrees of consolidation expected in emerging markets due to regulatory changes.

Explore the possibilities of strategic partnerships to obtain a substantial foothold to develop your competitive edge in the domestic industry.

Identify the commercial opportunities that the processes of economic development will provide for insurers.

Determine whether foreign insurers may be best placed to benefit from these developments, devising product propositions that are responsive and cost-effective in driving your long-term profitability.

Evaluate insurers’ preferred distribution channels in emerging markets to ensure your engagement is targeted, cost-effective and responsive to consumer need.

Analyse key market entry strategies in emerging markets in conjunction with an assessment of the high growth potential in Mexico, Indonesia, Kenya, Turkey and Vietnam.

Position your strategy to exploit potential early-mover advantage whilst ensuring levels of investment in key areas to provide critical mass.

Investigate the competitive landscape in emerging markets, targeting those domestic segments which offer you the most advantageous environment in which to grow your market share.

Related Reports:

Insight Report: Specialty Insurance – Key Trends and Opportunities in the Market

Specialty insurance includes high-hazard insurance, non-standard general insurance, niche market segments, bespoke underwriting, and excess and surplus lines insurance. As there is no standard definition for specialty insurance, estimating the market size is complicated. The global market size for specialty insurance, in terms of gross written premium, was estimated to be in the range of US$140–180 billion in 2013. The US is the largest specialty insurance market, contributing more than 50% of the overall gross written premium in 2013.

View Report details at:
http://www.researchmoz.us/insight-report-specialty-insurance-key-trends-and-opportunities-in-the-market-report.html

Insight Report: Technology in Action – A Roadmap for Insurance Telematics

The insurance telematics market is in a nascent stage. The US, Italy and the UK are the early adopters of insurance telematics products, and Italy is currently the most mature market with a penetration rate of 4% at the end of 2013. The estimated global sale of insurance telematics products increased to 4.5 million as of December 2013, with an estimated market size of US$4 billion in terms of gross written premium. The potential of telematics technology to offer a win-win business relation between insurer and policyholder is driving rapid growth of insurance telematics products in the European and US markets. Global sales of insurance telematics products are projected to grow at a CAGR of 80.20% over 2013–2018, and the subscriber base is expected to reach 85.5 million in 2018. The growth in the insurance telematics market over 2013–2018 is expected to be driven by increased adoption of telematics products in the UK, the US, and Italy.

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http://www.researchmoz.us/insight-report-technology-in-action-a-roadmap-for-insurance-telematics-report.html

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