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FOR IMMEDIATE RELEASE
OLDWICK - NOVEMBER 14, 2014 02:35 PM (EST)
In this A.M.BestTV episode from the Association of Southeast Asian Nations (ASEAN) Summit, taking place in Southeast Asia, insurers see enormous potential in the 10 Southeast Asian countries poised to join as one market; however, they expect challenges from new competitors and regulatory arrangements, which are still under development.
When Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam form a single market in 2015, insurers expect it to generate a combined gross domestic product of more than $2.4 trillion, making it one of the world's largest markets.
"It is a vast region that is presently going through rapid economic growth," said Vincent Kwo, president at the East Asian Insurance Congress.
Sharon Ooi, head of property/casualty reinsurance for Southeast Asia, India and Dragon Markets at Swiss Reinsurance Company, also spoke about what will come with this growth. "The economies will continue to grow quite strongly and with that growth will come increasing demands for insurance," said Ooi.
Also appearing in this episode are:
Click here to view the entire video program. http://www.ambest.com/v.asp?v=asean1114.
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