The insurance markets of Cambodia, Laos, Myanmar, Thailand & Vietnam are poised for growth. The economies in Indochina are on a recovery trajectory with tremendous potential for growth & investment attraction.
Cambodia is one of the fastest growing economies in the world. According to the World Bank in Oct 2021, the economy of Cambodia has sustained an average annual growth rate of 7.7% from 1998 to 2019. The insurance industry grows by 9.5% in 2021 despite the pandemic. The Kingdom’s GDP in 2019 reached an all-time high of USD 27.089 billion. Cambodia’s investment laws allow 100% foreign ownership of companies in most sectors, and provision for the protection of investments from regulated prices and nationalization.
The latest version of the Banking and Financial Institutions’ Code of Conduct was formally signed and implemented on March 4 by the Association of Banks in Cambodia (ABC), the Cambodia Microfinance Association (CMA) and the Cambodian Association of Finance and Technology (CAFT) – aimed at ensuring transparency, building trust and strengthening customer protection in the Kingdom’s banking and finance sector.
Vietnam’s economy is predicted to bounce back strongly, growing at 6.7 per cent this year and 7.0 per cent in 2023, according to Standard Chartered Bank. The insurance industry is forecast to continue gaining double-digit growth from new bancassurance contracts & strong demand for life insurance products. It is one of the fastest growing insurance markets in the region.
The World Bank’s latest Global Economic Prospects report suggests Laos will see economic growth of 4.5 percent in 2022 and 4.8 percent in 2023. Laos is experiencing steady economic growth & the country is targeting to become a developed economy by 2030. The insurance sector, though still small, presents attractive growth potential. There is a good climate of investment in the insurance business in Laos. Under the existing legal framework, there is no equity restriction on foreign ownership of insurance businesses in Laos.
The World Bank’s Myanmar Economic Monitor January 2022 projects growth of 1 percent in the year to September 2022. Ongoing economic pressures continue to impact the economy.
The insurance sector in Myanmar has undergone seismic changes over the last few years with the introduction of 100% foreign-owned life insurance companies and foreign-Myanmar life and general insurance joint ventures. Growth in bancassurance is expected to give a fillip to the sector.
World Bank predicts Thailand economy will grow by 3.9% this year with the recovery in service sector activities. The general insurance industry in Thailand is expected to bounce back from the pandemic and grow from US$8.4bn in 2020 to US$10.6bn in 2025.
How do you build an inclusive and sustainable insurance business in Indochina? How do you deliver solutions to a changing market? How do you meet the evolving expectations of customers while improving profitability and balancing regulatory change in a new digital first world? How do you leverage data and technology to create new insurance products and power new business models?
We invite you to join us virtually on May 25-26. This is a must attend event for first hand insights into Indochina insurance markets, get fresh perspectives & be future ready.
The Biggest Names in the International and Local Insurance World will Come Together to Share Winning Value Propositions, Business Models, Build Fruitful Partnerships, Probe New Ideas and Learn from Their Industry Peers!