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SINGAPORE: The reinsurance industry in Asia has been resilient throughout the global financial crisis and re-insurers are now poised to reap more gains amid signs of an economic rebound.
Speaking at an industry conference on Monday, the Monetary Authority of Singapore (MAS) said reinsurance companies will have a more balanced portfolio if they included Asia.
Teo Swee Lian, deputy managing director, MAS, said: "Asia's economic growth prospects and rising affluence over the medium and long term will result in increasing demand for insurance, particularly for asset protection and insurance coverage across a wide range of personal and commercial lines.
"Despite the current environment, economic growth is projected to top 10 per cent annually, with insurance growth happening at an even faster pace."
MAS said insurance coverage in Asia is only 22 per cent, half the number in some Western markets.
MAS said there is also scope for reinsurers to provide affordable insurance coverage for the masses, given the recent spate of natural disasters in Asia.
Industry players agree that the outlook for the reinsurance sector is bright and welcomed more participation from European and US based reinsurance companies in this region.
But they said they are concerned that financial regulators, who are now clamping down on the banking industry, may unfairly target the reinsurance industry as well. - 938LIVE/vm
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