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TAPPING THE OPPORTUNITIES OF HAVING A FLAG REINSURANCE COMPANY TOWARDS ASEAN ECONOMIC COMMUNITY 2015. INTRODUCTION TO ASEAN ECONOMIC COMMUNITY (AEC) 2015 BLUEPRINT. AEC 2015 BLUEPRINT. Was declared by the ASEAN Leaders in November 2007 in Singapore.
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TAPPING THE OPPORTUNITIES OF HAVING A FLAG REINSURANCE COMPANY TOWARDS ASEAN ECONOMIC COMMUNITY 2015
INTRODUCTION TO ASEAN ECONOMIC COMMUNITY (AEC) 2015 BLUEPRINT
AEC 2015 BLUEPRINT • Was declared by the ASEAN Leaders in November 2007 in Singapore. • Outlines the necessary measures and actions to establish ASEAN as an economic community with four characteristics: • a single market and production base, • a highly competitive economic region, • a region of equitable equitable economic development, • a region fully integrated into the global economy. • Utilizes a four-phase approach (2008-09, 2010-11, 2012-13, and 2014-15) with specific measures/activities to be fulfilled at each phase. • Is made up of strategic schedule which includes key milestones for a comprehensive and deeper economic integration by 2015. Source: ASEAN Secretariat
. Source: ASEAN Secretariat
FINANCIAL SERVICES IN AEC 2015 BLUEPRINT . Source: ASEAN Secretariat
ANNEX 1: FINANCIAL SERVICES SUB-SECTORS IDENTIFIED FOR LIBERALISATION BY 2015 Source: ASEAN Secretariat
OPPORTUNITIES AND CHALLENGES IN AEC 2015 Source: ASEAN Secretariat
ECONOMIC & INSURANCE OUTLOOK Regional Economic Performance • Growth expand by 4.6% in 2014 • Expect to reach 5.3% in 2015 • Insurance penetration is 3.4% of GDP (compared to 7.8% in EU) • Public policies support development of innovative products and micro insurance Regional Insurance Outlook Source: ASEAN Secretariat
INDONESIA’S INSURANCE OUTLOOK General Insurance Penetration Rate .
BIG REINSURERS IN THE WORLD Assets: 327,820 Premium: 65,941 Munich Re Swiss Re Hannover Re Assets: 215,785 Premium: 31,723 Assets: 69,548 Premium: 17,471 Partner Re SCOR Assets: 22,980 Premium: 4,718 Assets: 41,352 Premium: N/A Lyodd’s of London Berkshire Hathaway Inc. Assets: 427,452 Premium:34,545 Assets: 124,904 Premium:40,786 Source: Fitch Rating 2014 based on 2012’s performance (in USD Million)
REINSURERS IN ASEAN Thai Reinsurance Public ACR Malaysia Assets: 865,382 Premium: 170,967 Assets: 346,999 Premium: 102,701 Thaire Life Assurance Assets: 55,603 Premium:42,314 Malaysian Reinsurance Bhd Assets: 910,993 Premium: 409,881 The National Reinsurance Corp. of the Philippines Assets: 325,932,582 Premium:57,168,184 (Based on Y2013 in USD Thousand) Source: - www.asiacapital.com.my - www.thairelife.co.th - - www.malaysian-re.com.my - www.thaire.co.th - www.nrcp.com.pk
REINSURERS IN INDONESIA Gigantic Reinsurer In Indonesia Potential Revenue In 2013 ASEI NasRe RUI Shareholders: Taspen, Jamkrindo, Jasa Raharja Rp 8 Trillion or USD 655.737.700,- Conversion Rate of 1 USD = Rp12.200,-
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