Asian markets are underinsured but the situation is changing.
Munich Re predicts the region will have a 40 per cent share of the global insurance market in the next 5 years and insurance companies are keen to take advantage of the booming market. Ravi Menon, managing director of the Monetary Authority of Singapore, told a conference this week that he believes there are three key factors driving the growth; increasing wealth, with middle classes growing in many Asian countries; aging population; and awareness of risk and of insurance products.
