Reflections on Asian Insurance in 2010
Insurance Experts' Forum, December 10, 2010
As we approach another year-end, we can reflect upon a few post-global financial crisis (GFC) happenings that have reshaped the world in which we live.
We have seen an ongoing decline in the value of the U.S. dollar, unheard of mortgage foreclosure rates, a number of crises in Europe, a steady decline in personal wealth and ongoing stock market volatility. On the other side of the coin, we have seen the continued emergence of the Chinese economy as a new power in global economics as their economy expands to fuel the demands of a wealthier middle class.
The world of banking may never be the same again. New regulations and closer scrutiny of business practices will attempt to avoid the issues that nearly brought global finance to a standstill. Many countries, especially in Europe, will be carefully monitoring all government spending for some time as the large debts are repaid and government investment is channeled into selected areas targeting the rebuilding of their economies.
In spite of many of the negative influences, we have seen ongoing efforts by insurance companies to create innovative products and business practices.
The recent model insurer Asia project attracted many superb submissions from all over Asia and Oceania, covering areas such as infrastructure enhancement, streamlined claims, and new business and servicing practices. Also included were a number of extremely innovative ideas in using new technologies.
The effects of the GFC will linger on for some time, but based on what we have seen this past year, we look forward to a new year where we will see more innovative and creative practices come into production and delivery of more sustainable and customer-focused practices across all areas of the insurance market.
This blog has been reprinted with permission from Celent.
Wenli Yuan is a senior analyst in Celent's Asia Research Group.
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