1. REGIONAL INSURANCE MARKET INTEGRATION
The Global Experience
ASEAN Insurance Summit Michael J. Morrissey
1 October President & CEO
Singapore International Insurance Society

2. INTERNATIONAL INSURANCE SOCIETY
Largest global insurance organization
Most inclusive and diverse membership
Research and idea sharing on critical issues
Open and objective forum for discussion

3. IDEALS OF REGIONAL MARKET INTEGRATION
Insurers free to operate across the region and in any member state
Intermediaries free to operate across the region
Convergence of regulatory standards
Convergence of accounting standards
Common and transparent disclosure rules

4. IMPEDIMENTS TO MARKET INTEGRATION
Conflicting regulatory standards
Uneven regulatory capabilities
Barriers to cross border investment
Availability of talent
Harmonization of taxes, customs and tariffs

5. ADDITIONAL CHALLENGES: VARIATIONS IN
Political stability
Legal systems
Infrastructure and institutions
Cultural attitudes about insurance
Exchange rate volatility

6. SUCCESSFUL INTEGRATIONS: COMMONALITIES
High corporate governance standards
Strong capital allocation skills
Highly developed capital markets
Multicultural executive teams
Focus on long term value creation

7. STILL INCOMPLETE: COMMONALITIES
Capital outflows from countries with weak institutions
Failure to involve experts from outside the insurance industry
Inadequate regulatory discussions re bank vs. insurer differences
Short term revenue growth orientation

8. TRANSITIONAL THOUGHTS
“There can be no doubt that in today’s post-colonial era, as 7-9 billion people in every part of the world now aspire to decent living standards and lives of dignity for themselves and their children, that the greatest driver and most common denominator of global instability is individual economic insecurity.
Nor can there be any doubt that developing a strong sense of common purpose among insurers and governments will be essential to facing this global challenge of unprecedented complexity and severity.

9. TRANSITIONAL THOUGHTS
I commend the leadership of the APFF and its participating companies for converting the insights of conversations such as Mr. Ikuo Uno and I have had into actions far more constructive than intense competition among leaders elected or imposed, and the growing appeal of radical causes to those with little hope. Only visions such as you and APFF are working to make real can lead us to the solutions on which our hopes for stable societies depend.” Gordon C. Stewart, IIS Vice Chairman

10. Thank You, and congratulations to the ASEAN Insurance Council