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REGIONAL INSURANCE MARKET INTEGRATION

REGIONAL INSURANCE MARKET INTEGRATION. The Global Experience ASEAN Insurance Summit 2014 Michael J. Morrissey 1 October 2014 President & CEO Singapore International Insurance Society. INTERNATIONAL INSURANCE SOCIETY.

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REGIONAL INSURANCE MARKET INTEGRATION

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  1. REGIONAL INSURANCE MARKET INTEGRATION The Global Experience ASEAN Insurance Summit 2014 Michael J. Morrissey 1 October 2014 President & CEO Singapore International Insurance Society

  2. INTERNATIONAL INSURANCE SOCIETY • Largest global insurance organization • Most inclusive and diverse membership • Research and idea sharing on critical issues • Open and objective forum for discussion

  3. IDEALS OF REGIONAL MARKET INTEGRATION • Insurers free to operate across the region and in any member state • Intermediaries free to operate across the region • Convergence of regulatory standards • Convergence of accounting standards • Common and transparent disclosure rules

  4. IMPEDIMENTS TO MARKET INTEGRATION • Conflicting regulatory standards • Uneven regulatory capabilities • Barriers to cross border investment • Availability of talent • Harmonization of taxes, customs and tariffs

  5. ADDITIONAL CHALLENGES: VARIATIONS IN • Political stability • Legal systems • Infrastructure and institutions • Cultural attitudes about insurance • Exchange rate volatility

  6. SUCCESSFUL INTEGRATIONS: COMMONALITIES • High corporate governance standards • Strong capital allocation skills • Highly developed capital markets • Multicultural executive teams • Focus on long term value creation

  7. STILL INCOMPLETE: COMMONALITIES • Capital outflows from countries with weak institutions • Failure to involve experts from outside the insurance industry • Inadequate regulatory discussions re bank vs. insurer differences • Short term revenue growth orientation

  8. TRANSITIONAL THOUGHTS “There can be no doubt that in today’s post-colonial era, as 7-9 billion people in every part of the world now aspire to decent living standards and lives of dignity for themselves and their children, that the greatest driver and most common denominator of global instability is individual economic insecurity. Nor can there be any doubt that developing a strong sense of common purpose among insurers and governments will be essential to facing this global challenge of unprecedented complexity and severity.

  9. TRANSITIONAL THOUGHTS I commend the leadership of the APFF and its participating companies for converting the insights of conversations such as Mr. Ikuo Uno and I have had into actions far more constructive than intense competition among leaders elected or imposed, and the growing appeal of radical causes to those with little hope. Only visions such as you and APFF are working to make real can lead us to the solutions on which our hopes for stable societies depend.” Gordon C. Stewart, IIS Vice Chairman

  10. Thank You, and congratulations to the ASEAN Insurance Council

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