Post by account_disabled on Jan 3, 2024 20:34:41 GMT 14
Allianz reveals research results: Asia's insurance market in 2018 slowed down, but the Thai market is still bright, growing more than 5%. - Global insurance premiums grew 3.3% to €3.655 trillion in 2018 - Growth in Asia was disappointing due to shrinking life insurance markets in China and Korea - Thailand showed strong growth with premiums increasing 5.2% in 2018 - Over the next decade, Asia will return to high growth, accounting for 60% of total global premium growth. According to predictions from research from the Allianz Research Center. It was found that total insurance premiums worldwide last year increased to 3.655 trillion euros (or approximately 128 trillion baht) (excluding health insurance), which compared to 2017, there was a slight increase of 3.3%. As a result of the exchange rate This is the third year in a row. This is the 12th year in the past 15 years that global premium growth has been less than economic activity growth.
Insurance access rates (where insurance Buy Bulk SMS Service premiums are a percentage of GDP) dropped to 5.4%, the lowest value in the past 30 years. Michael Hice, chief economist at Allianz Group who is the main shareholder of Allianz Ayudhya Assurance Public Company Limited, said: "This is a contradictory situation. On the one hand, various risks is continuously increasing Think about climate change. Demography, cyberspace or politics, but vice versa. People around the world purchase insurance in proportion to their income. Therefore, there should be a concerted effort by both politics and industry to close it. This 'coverage gap' 2018 was an unusual year for insurance in Asia, with premiums increasing only a modest 2.3% (excluding Japan), only the second time since the turn of the millennium that premiums had increased. Growing following global expansion Moreover, Japan, which grew at 4%, expanded even faster. In 2018, the entire region's growth rate accounted for only 16% of global growth.
The drivers of global premium growth in 2018 were clearly two familiar markets: the US (42%) and Japan (11%). that the main cause of the insurance company's performance contraction this time is the life insurance market in both China and Korea, which account for 40% of the total premiums of the entire region. (except Japan) shrank in 2018 for China This is largely due to regulatory barriers to insurance agents increasingly selling financial wealth management products. Michela Grimm, Economist at Allianz Research Centre, said: “2018 does not mark the end of the insurance growth story in Asia. that It is considered good and acceptable. Because it is a good signal of the next stage of development that is more balanced and sustainable. Combined with the rapid advancement of technology in the market, it is frighteningly fast. China is an obvious candidate to apply AI or implement innovative payment solutions.
Insurance access rates (where insurance Buy Bulk SMS Service premiums are a percentage of GDP) dropped to 5.4%, the lowest value in the past 30 years. Michael Hice, chief economist at Allianz Group who is the main shareholder of Allianz Ayudhya Assurance Public Company Limited, said: "This is a contradictory situation. On the one hand, various risks is continuously increasing Think about climate change. Demography, cyberspace or politics, but vice versa. People around the world purchase insurance in proportion to their income. Therefore, there should be a concerted effort by both politics and industry to close it. This 'coverage gap' 2018 was an unusual year for insurance in Asia, with premiums increasing only a modest 2.3% (excluding Japan), only the second time since the turn of the millennium that premiums had increased. Growing following global expansion Moreover, Japan, which grew at 4%, expanded even faster. In 2018, the entire region's growth rate accounted for only 16% of global growth.
The drivers of global premium growth in 2018 were clearly two familiar markets: the US (42%) and Japan (11%). that the main cause of the insurance company's performance contraction this time is the life insurance market in both China and Korea, which account for 40% of the total premiums of the entire region. (except Japan) shrank in 2018 for China This is largely due to regulatory barriers to insurance agents increasingly selling financial wealth management products. Michela Grimm, Economist at Allianz Research Centre, said: “2018 does not mark the end of the insurance growth story in Asia. that It is considered good and acceptable. Because it is a good signal of the next stage of development that is more balanced and sustainable. Combined with the rapid advancement of technology in the market, it is frighteningly fast. China is an obvious candidate to apply AI or implement innovative payment solutions.