Tuesday, December 12, 2017

EY: 2017 Asia-Pacific insurance outlook

The Asia-Pacific insurance market will remain in transition in 2017, as the convergence of economic, technology, customer and regulatory forces remake the regional playing field. Healthy growth and climbing income levels will continue to fuel demand for insurance products and greater innovation. Advances in digital technology and the rise of Millennials are raising customer expectations for innovative insurance products and digitally-enabled business models.

At the same time, the regulatory landscape will continue to evolve as Asia-Pacific markets tighten capital requirements, adopt the Common Reporting Standard and introduce regulations on consumer protection and cybersecurity. For many insurers, 2017 will be a year of continued change and strategic reassessment of core businesses and distribution channels. While economic growth is expected to stay robust in the region, a Trump presidency in the US may leave China and its trading partners open to shocks that could derail market performance.

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