Navigating general insurance opportunities in Southeast Asia

The insurance industry in Asia-Pacific is not one-dimensional. There is no one-size-fits-all strategy for insurers operating across the area because each country has distinct characteristics. Asia-Pacific general insurance markets can be broadly divided into four groups: burgeoning giants (like India), vibrant growing markets (especially in Southeast Asia), established markets (like Japan, South Korea, and Australia), and hybrid markets (Hong Kong and Singapore). Differences abound even within each group, so an approach that succeeds in Indonesia might not necessarily work in Malaysia. Besides, there are numerous opportunities for insurers operating in Asia-Pacific. Households are building wealth and the middle class is fast growing in India, and some regions of Southeast Asia. By 2023, regional household wealth is expected to surpass that of North America, according to predictions made by Credit Suisse. According to Euromonitor, there would be 83 million middle-class families in India within the same period. Points of discussion: 1. Southeast Asia's personal lines P&C insurance market is anticipated to expand quickly through digital means according to various sources. How do see this happening? 2. Asian nations India, Thailand, and Indonesia are the countries with the largest proportions of consumers who are willing to buy insurance online. Malaysian consumers, on the other hand, are more traditional. What's your observation for other emerging economies in Southeast Asia. 3. What are some of the key drivers changing the personal line insurance landscape in the Southeast Asian region? Do see this to be promising? Speaker Bio: – Jyothish Parameswaran Mohini - is the Chief Operating Officer at Young Insurance, Myanmar. Jyothish is a seasoned entrepreneur and an insurance executive with over two decades of experience in distribution, sales, strategy, business development, M&A and digital transformation in Asia. He is recognized for results driven style that is always focused on problem solving. Prior to Young Insurance, Jyothish was with Aviva, ING Bank, Ageas India, Fortis and ICICI-Kinfra Ltd.