Press Release

2020-09-23

2020 Asia Insurance Outlook Forum

The "2020 Asia Insurance Outlook Forum" was held on the 23rd of September, 2020 at Chang Yung Fa International Convention Center. The Financial Supervisory Commission(FSC) Chairman, Dr. Tien-mu Huang, was invited to deliver opening remarks to over 220 attendees, which included supervisors, chairmen, presidents, GMs, high-level executives from the insurance companies, as well as representatives from academic and other relevant organizations.

Recently, economic focus has shifted to Asian countries due to their prosperous economies.  Extending to overseas markets is not only a principle of sustainable development for Taiwanese insurers, but it also echoes Taiwan’s New Southbound Policy.  Investment requires cautious assessment and sound management to promote long lasting enterprise development.  Therefore, the theme of this year’s forum is “New Vision, New Connection”.  It is hoped that fruitful discussions and shared insights from professionals can guide domestic insurers to expand to Southeast Asia’s insurance markets.

The FSC Chairman, Dr. Tien-mu Huang, said that it is very meaningful for this forum to invite foreign insurers and experts to share their experience in broadening and extending to overseas markets.

The Association of Southeast Asian Nations (ASEAN) covers 4.5 million km2, a population of over 600 million people, a high demographic dividend, average GDP growth is over 5%, low insurance density and penetration, around a 30% savings rate, and tremendous room for digital business development.  Together, these factors symbolize its strong potential for development within the insurance industry.  ASEAN is a region consisting of different markets, varying levels of economic development, and diverse cultures, making it one of the most competitive regions in the world today.  Its diversity leads investors to both a wide range of opportunities and possibilities.  However, no opportunity comes without risk.  There are two major factors to take into consideration in ASEAN countries; one is the relative frequency of natural disasters and the other is the diverse population demographics, populous Muslims. These are important factors for the insurance industry to take into account in order for production lines to adapt to local environments.

For long-lasting development, it is difficult but necessary for Taiwanese insurers to extend their business to oversea markets.  Insurers will need to heed their respective company’s strength, brand value, enterprise culture, corporate governance, talent cultivation, local distribution strategy and production lines, all of which are  important challenges to overcome.

The forum organizer, Taiwan Insurance Institute (TII), said that this forum is one within a larger series of events to celebrate its 35th anniversary.  TII invited high-level executives and experts from the local insurance industry to serve as moderators in order to further promote international cooperation.  Though foreign speakers are not allowed to be present due to the travel ban from the COVID-19 pandemic, virtual access allowed participants to stay up to date on the latest trends of markets in Japan, Korea, Mainland China, the Philippines, Vietnam, Cambodia, Thailand and Myanmar.  Additionally, representatives from the British Chartered Insurance Institute and Ernst & Young Singapore were special invitees, and their topics covered professional talent cultivation and evolution in new era as well as challenges and opportunities for Merger & Acquisition in ASEAN Countries.

Through a day of fruitful discussion and opinion exchange, this forum achieved remarkable success through its implementation of an interactive networking platform for all representatives of Asian countries.

Photo

活動照片

X