June 26, 2012

Insurance a big growth area in Asia but risks remain: MAS official


Asia offers major growth opportunities for insurers but they must be aware of the risks, a central banker said on Monday.

Mr Ng Nam Sin, the assistant managing director of the development group at the Monetary Authority of Singapore (MAS), noted that although gross premiums in Asia, excluding Japan, have jumped by about 16 per cent every year between 2005 and 2010, Asia remains under-insured.

Speaking at the Insurance Risk and Research Conference on Monday, he said data from reinsurance firm Swiss Re shows that the emerging market penetration rate is about 3 per cent, compared to about 9 per cent in advanced economies.


Read full article: Straights Times

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