Kuala Lumpur, 30 October 2017 – Malaysian Reinsurance Berhad (Malaysian Re), a wholly owned subsidiary of MNRB Holdings Berhad (MNRB) together with Zurich-based research agency, Dr Schanz, Alms & Co. today launched the inaugural executive-survey based research publication for ASEAN region, the “ASEAN Insurance Pulse” at the Malaysian Insurance Summit 2017. The research publication was launched by the Governor of Bank Negara Malaysia (BNM), YBhg. Tan Sri Muhammad Ibrahim and witnessed by Chairman of MNRB Group, YBhg. Dato Sharkawi Alis, Chairman of Malaysian Insurance Institute (MII), Encik Hashim Harun, President & Group Chief Executive Officer of MNRB, Encik Mohd Din Merican, President & Chief Executive Officer of Malaysian Re, Encik Zainudin Ishak and Chief Executive Officer of MII, YBhg. Dato’ Haji Syed Moheeb Syed Kamarulzaman.
ASEAN Insurance Pulse 2017, is based on in-depth interviews with 35 senior executives from regional and international insurance companies, intermediaries and trade organisations operating across the ASEAN (Association of Southeast Asian Nations) region, and provides an authoritative overview of the current state and future prospects of the ASEAN region’s US$ 23 billion non-life insurance markets. In addition, it takes executives’ pulse on the Asian Economic Community (AEC) project and its implications for the region’s insurance markets. Formally launched on 31 December 2015, the AEC aims to create a single market by 2025 to facilitate the free movement of goods and services, including insurance, among the ten South-East Asian ASEAN countries. Malaysian Re expects that this research publication to be an eye-opener to the industry that market research plays a crucial role to fill in the gap with regards to business opportunities from risk-adjusted perspective.
“AEC is a huge regional growth project, no least for the ASEAN insurance industry,” says Zainudin Ishak. He added, “In order to capture its full potential, AEC depends on the active participation from the corporate sector together with the relevant regulatory bodies. Towards this aim, the ASEAN Insurance Pulse 2017 will serve as a reliable guide to understanding what insurers, reinsurers and intermediaries expect of the integration and to identify impediments facing the ASEAN insurance marketplace. Malaysian Re is committed to improve market transparency and intelligence. This is also reflected in our role as the exclusive partner of the ASEAN Insurance Pulse 2017.”
Chairman and Partner of Dr. Schanz, Alms & Company and author of the study, Dr. Kai-Uwe Schanz, said that the ASEAN Insurance Pulse shows very clearly that the AEC integration is viewed positively by the ASEAN insurance community. “The executives polled expect a major boost to their markets through enhanced competition, innovation and governance,” added Dr. Kai-Uwe Schanz. “Almost half of the executives we interviewed believe that AEC will be a positive development for their respective companies in the next five years. Another 40% agree in principle, but caution that a five-year time frame might be too short for such benefits to materialize. Nearly two-thirds of the participating executives anticipate AEC to profit their domestic insurance markets at large as innovation as well as customer awareness and satisfaction are set to improve.”
As the national reinsurer, Malaysian Re believes that the ASEAN Insurance Pulse will serve as a reliable guide to understanding what insurers, reinsurers and intermediaries expect of this integration as well as to identifying impediments facing the ASEAN insurance marketplace.
About Malaysian Re
Malaysian Reinsurance Berhad (Malaysian Re) is a wholly owned subsidiary of MNRB Holdings Berhad (MNRB). As the national reinsurer, Malaysian Re continues to enhance the competitiveness and efficiency of the local insurance companies in an increasingly globalised marketplace through its active involvement in leading and underwriting their reinsurance needs. Leveraging on its breadth and depth of experience and expertise, strong fundamentals and proven record of accomplishment, Malaysian Re has grown in stature as an international player having established a strong market presence in Asia, the Middle East and Africa.
For more information, please visit www.malaysian-re.com.my.