Growth prospects for six major Southeast Asian insurance markets – Singapore, Thailand, Malaysia, Indonesia, Vietnam and the Philippines – remain robust undergirded by sturdy socioeconomic fundamentals according to a recent report by Moody’s Investors Service. Nevertheless, pace and quality of this growth will vary according to geographies.
The Intergovernmental Panel on Climate Change (IPCC) projected that global warming is likely to reach 1.5 degrees Celsius above pre-industrial levels by 2030. This is projected to bring about changes in the climate and natural systems, including changes in the frequency and intensity of weather events, sea-level rise, habitat and range loss, biodiversity loss, water scarcity and more.
Asia, which houses 43% of the world’s population holds only 13% of total global insurance premiums as of 2016, according to the 2017 UBS report, ‘Shifting Asia’. Out of this 13%, ASEAN countries make up just 3.8%, according to the Asia Insurance Market Report 2016 by advisory firm Willis Towers Watson.