TAPPING THE OPPORTUNITIES OF HAVING A FLAG REINSURANCE COMPANY TOWARDS ASEAN ECONOMIC COMMUNITY 2015 1.

Slides:

Advertisements

Similar presentations

Questions addressed in the paper Why these questions Outward FDI from Asean Conclusions and implications.

Advertisements

TAPPING THE OPPORTUNITIES OF HAVING A FLAG REINSURANCE COMPANY TOWARDS ASEAN ECONOMIC COMMUNITY Bali, Indonesia October 2014.

Association of Southeast Asian Nation

Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s. Copyright (c) 2006 Standard.

Session on the Way Forward 1.  ASEAN Leaders have agreed during 13th ASEAN Summit in Singapore on 20 November 2007 to adopt the AEC Blueprint which each.

Global Marketing Chapter 3

Colombia: Private Sector Outlook National Business Association of Colombia January 2015.

1 ASEAN Economic Integration and Inclusive Growth 12 November 2014 By Arjun Goswami Director, Office of Regional Economic Integration.

Diplomatic Academy of Vietnam, MOFA

Asia-Pacific Finance and Development Centre 2006 Biennial Forum Shanghai, September 2006 Session V: Regional Cooperation and Innovation Development Presented.

Latest Updates on the Indonesia Stock Exchange

Structural Transformation in Sub-Saharan Africa Regional Economic Outlook: Sub-Saharan Africa African Department International Monetary Fund November 2012.

FINANCING THE SERVICES SECTOR SOKHA ANGKOR RESORT HOTEL,

Indian Insurance Markets Casualty Actuaries of Greater New York Spring Meeting 2004 New York, 3 June 2004 Thomas Holzheu Swiss Re, Economic Research &

21 – 22 September 2006, Kuala Lumpur Globalisation and the experience of proximity banking Dato’ Abdul Azim Mohd Zabidi Chairman, Bank Simpanan Nasional,

Session 7. The Analysis of BRICS Business in Southeast Asia FDI from the BRICS This collection was collated by Yuriy Zaytsev as teaching material on the.

Why is this an insurance growth region? Middle East & North Africa.

LEBANON INSURANCE MARKET 2006 By George MATOSSIAN AL MASHREK insurance & reinsurance SAL.

June 2009 Financial Results Presentation 27 August 2009 ReNaissance Park.

Building the competitiveness of Lao PDR and their entrepreneurs Workshop on “Lao PDR towards AEC 2015” 19 and 21 February 2013, Laos PDR Dr. Witada Aunkoonwattaka.

General orientation of international economic integration

Higher and Technical Education for Development Jose P. Campos Chairman Coordinating Council of Private Education Associations 18 May 2013.

Asean Economic Community AEC – 2015 FORUM “ Selangor the Gateway to AEC” An Overview of Opportunities and Challenges 3 rd December 2013 KKSB ASI -1 FMM.

Infrastructure Development in Southeast Asia CIC National Capital Conference Power Shifts and Vibrant Economies: Canada Awakens to the Opportunities and.

Reinsurance Market Overview

1 Regional Conference on the impact of the Global Financial Crisis to the Vulnerable Sectors in the Asia Pacific Region: Civil Society Voices and ASEAN.

FINUAS Network Meeting 22 July 2009 Brendan Kelly, Director Financial Services Ireland.

A region with two stories……….growing established markets & developing emerging markets Aaron Iori Regional Manager SE Asia/Greater China.

Latest Updates on the Indonesia Stock Exchange 19 December 2014.

ASEAN. The Association of Southeast Asian Nations is a political and economic organization of ten countries located in Southeast Asia, which was formed.

Enhancing Economic Opportunities in Rural Areas: Discussion San Antonio, Texas November 6, 2003 Tom Johnson University of Missouri – Columbia.

FDI - Where Does Turkey Stand? Orhan Cem Lead Partner, Advisory Services, PwC Turkey  TURKEY WHERE THE OPPORTUNITIES ABOUND ON THE WAY TO SUCCESS February.

High-Level Workshop on “Public-Private Partnerships’ implementation in the Energy Sector in Africa: Challenges, Best Practices and New Trends”, Addis Ababa,

Philippine Agricultural Development Framework and the ASEAN Agenda

Recent Developments and Future Plans for the Actuarial Profession in Thailand Amornthip Chansrichawla, FSA August 1 st, 2006.

© The McGraw Hill Companies, Inc., 2000 Ch.6: International Environment: Regional Political & Economic Integration.

Bing Sibal-Limjoco, CFE Director for Membership, Philippine Chamber of Commerce and Industry Vice Chairman, Philippine Retailers Association.

1 Evolving Asia: Growth, Challenges and Opportunities – Asia’s Search for Leadership Synergy Tan Sri Dr. Munir Majid Visiting Senior Fellow LSE IDEAS and.

J oint R ound T able D iscussion Bali, September 22, 2014 BETTER UNDERSTANDING on MRA in ENGINEERING and ARCHITECTURE SERVICES Zulkifli Halim The Indonesian.

Thailand: gateway to Myanmar and the Mekong Sub-region Kobsak Pootrakool 13 November 2012.

Capitalizing on ASEAN Integration.

Managing Risk in a Carbon Constrained World Presentation of Christian Mumenthaler, Chief Risk Officer, Swiss Re Ruschlikon, Switzerland 5 November 04.

Regional & Urban Policy Investments for growth & jobs Promoting development and good governance in EU regions and cities 6 th Report on economic, social.

11 ASEAN ECONOMIC Community A Long Term View DTN Annual Symposium 2012 AEC 2015 and Beyond February 24, 2012 Mathew Verghis Lead Economist The World Bank.

ECONOMIC OUTLOOK FOR SOUTHEAST ASIA, CHINA AND INDIA ENHANCING REGIONAL TIES Rintaro Tamaki Deputy Secretary General, OECD 20 November 2015, Malaysia,

STATUS & EXPECTED OUTCOMES OF JOINING THE EAST AFRICAN COMMUNITY By Justin NSENGIYUMVA Secretary General Ministry of Commerce, Industry, Investment Promotion,

Trans-Pacific Partnership Agreement (TPPA) Opportunities and Impacts for Taiwanese and Malaysian Companies Study undertaken by the Asian Strategy and Leadership.

Sustaining Asia’s Economic Recovery in the 21 st Century 7 th Asia Economic Forum Phnom Penh, Cambodia 31 July 2011 Dr Thein Swe.

POLICY CHALLENGES AND OPPORTUNITIES.  Introduction  Overview of EAC  Challenges in Implementing EAC CU  Opportunities Abound  Lessons from the European.

1 Overview: The Greater Mekong Subregion (GMS) Economic Cooperation Program Overview: The Greater Mekong Subregion (GMS) Economic Cooperation Program.

0 African Development Bank Group SOCIAL PROTECTION AND POVERTY REDUCTION Opportunities for Cooperation Sunita Pitamber Manager Tel:

The ATR, ASSIST and the ACTS: ASEAN Tools for Trade Facilitation Paul Mandl Team Leader, ARISE ASEAN Business and Investment Summit, 20 November 2015 Kuala.

Confidential & proprietary of PT. Samudera Indonesia Tbk Board of Commissioner Role & Challenge.

1 The Path to ASEAN Capital Market Integration IOSCO Asia-Pacific Regional Committee Melbourne, 23 October 2009.

WAN WADRINA WAN ABDUL WAHAB MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY MALAYSIA RCEP 1 IMPACT ON EAST ASIA INVESTMENT.

The journey Halal certification was introduced under Prime Minister’s Office HDC was established under Prime Minister’s Department Halal Industry.

THE TRANS-PACIFIC PARTNERSHIP: OVERVIEW March 17, 2016Cielito F. Habito.

Enhancing SSRU for AEC Somdech Rungsrisawat Suan Sunandha Rajabhat University.

Next steps toward achieving Renewable Energy Goal

BiSEA Roadshow 2017.

Getting the most out of a services agreement with the USA

State Farm Insurance: Challenges to Entry into International Market

AN Overview of the Insurance Market in Cambodia

the insurance and reinsurance

ASEAN Economic Community and Cambodian Entrepreneurs

Daw Tin Tin Htwe, Parami Roundtable

Will membership in TPP really help Japan?

Ch.6: International Environment: Regional Political & Economic Integration © The McGraw Hill Companies, Inc., 2000.

Penetrating Mekong Delta Region via Vietnam & Thailand

The Complete ASEAN Investor’s Portal of Market Information

Presentation transcript:

TAPPING THE OPPORTUNITIES OF HAVING A FLAG REINSURANCE COMPANY TOWARDS ASEAN ECONOMIC COMMUNITY

INTRODUCTION TO ASEAN ECONOMIC COMMUNITY (AEC) 2015 BLUEPRINT 2

Source: ASEAN Secretariat AEC 2015 BLUEPRINT 3 Was declared by the ASEAN Leaders in November 2007 in Singapore. Outlines the necessary measures and actions to establish ASEAN as an economic community with four characteristics: a)a single market and production base, b)a highly competitive economic region, c)a region of equitable equitable economic development, d)a region fully integrated into the global economy. Utilizes a four-phase approach ( , , , and ) with specific measures/activities to be fulfilled at each phase. Is made up of strategic schedule which includes key milestones for a comprehensive and deeper economic integration by 2015.

. 4 Source: ASEAN Secretariat

. 5 Strategic Approach Priority Actions Financial Services Sector Develop the list of “pre-agreed flexibilities” that can be maintained by each member country for the sub- sectors identified for liberalisation by 2015 Agree on the list of “pre-agreed flexibilities” that can be maintained by each member country for the sub- sectors identified for liberalisation by 2015 Develop the list of “pre-agreed flexibilities” that can be maintained by each member country from 2020 Substantially remove restrictions for the Insurance, Banking and Capital Market sub-sectors by 2015 as identified by member countries in Annex 1. By 2017, agree on the list of “pre-agreed flexibilities” that can be maintained by each member country from 2020 Substantially remove restrictions on trade in services for all remaining sectors by FINANCIAL SERVICES IN AEC 2015 BLUEPRINT Source: ASEAN Secretariat

SectorSub-sectorsMember Countries InsuranceDirect Life InsuranceIndonesia, Philippines Direct Non-life InsuranceBrunei, Cambodia, Indonesia, Malaysia, Philippines, Singapore and Viet Nam Reinsurance and RetrocessionBrunei, Cambodia, Indonesia, Malaysia, Philippines, Singapore and Viet Nam Insurance IntermediationCambodia, Indonesia, Malaysia, Philippines, Singapore and Viet Nam Services Auxiliary to InsuranceBrunei, Cambodia, Indonesia, Malaysia, Philippines, Singapore and Viet Nam ANNEX 1: FINANCIAL SERVICES SUB-SECTORS IDENTIFIED FOR LIBERALISATION BY 2015 Source: ASEAN Secretariat

Opportunities - Rising population - Higher incomes - Increasing urbanization - Enhanced consumer awareness - Expanding trade network Challenges - Stringent licensing procedures - Tighter restrictions on foreign equity - Limited underwriting capacity - Underdeveloped capital markets - Rising incidence of natural calamities OPPORTUNITIES AND CHALLENGES IN AEC 2015 Source: ASEAN Secretariat

Regional Economic Performance  Growth expand by 4.6% in 2014  Expect to reach 5.3% in 2015  Insurance penetration is 3.4% of GDP (compared to 7.8% in EU)  Public policies support development of innovative products and micro insurance Regional Insurance Outlook ECONOMIC & INSURANCE OUTLOOK Source: ASEAN Secretariat

. 9 INDONESIA’S INSURANCE OUTLOOK % 0.5% General Insurance Penetration Rate

10 BIG REINSURERS IN THE WORLD Munich Re Swiss Re Hannover Re Berkshire Hathaway Inc. Lyodd’s of London SCOR Partner Re Assets: 215,785 Premium: 31,723 Source: Fitch Rating 2014 based on 2012’s performance (in USD Million) Assets: 22,980 Premium: 4,718 Assets: 69,548 Premium: 17,471 Assets: 124,904 Premium:40,786 Assets: 327,820 Premium: 65,941 Assets: 427,452 Premium:34,545 Assets: 41,352 Premium: N/A

11 REINSURERS IN ASEAN Thai Reinsurance Public Assets: 910,993 Premium: 409,881 The National Reinsurance Corp. of the Philippines Assets: 865,382 Premium: 170,967 ACR Malaysia Malaysian Reinsurance Bhd Assets: 346,999 Premium: 102,701 Thaire Life Assurance Assets: 55,603 Premium: 42,314 Assets: 325,932,582 Premium:57,168,184 (Based on Y2013 in USD Thousand) Source:

12 REINSURERS IN INDONESIA Rp 8 Trillion or USD ,- Potential Revenue In 2013 Gigantic Reinsurer In Indonesia NasRe ASEI RUI Shareholders: Taspen, Jamkrindo, Jasa Raharja Conversion Rate of 1 USD = Rp12.200,-

an AIC – ANDREWS (ASEAN Natural Disaster Research Works Sharing) initiative, fully supported by Catalytics. CARMA is a web portal contains collection of articles on Catastrophe and Risk Management in ASEAN, where you will be able to upload research, search and review articles. 13

14