Date: Monday, October 14th, 2019 by Michaela Hickson.
As growth within the mature insurance markets stagnates, so carriers and brokers are looking for opportunities for growth in the emerging economies. When you consider that these countries include global economic giants China and India, you can see how important the ‘emerging’ players are for insurers.
These markets are growing rapidly, which make them exciting places to work and invest, but sometimes also higher risk. Each emerging market has its own complexities, its own legal structures, and often a distinct approach by its own government, which must be understood when considering growth prospects and possibilities for entering the market.
Common themes across the globe include the challenges of regulatory bodies that lack the experience of a mature market; over-heavy or protectionist interventions by governments, and conversely growth opportunities that demand a real focus on the possibilities of digital-only insurance, especially in consumer markets. It all makes for an area where knowledge really is king.
One of the strengths of Global Insurance Law Connect is our wide membership among specialist firms in emerging (as well as established) insurance markets. As these firms have unique and well-recognised expertise in insurance law in their own markets, we concluded that clients would find a spotlight on the local nuances of emerging markets helpful – a ‘what’s happening now’ guide for insurers who have an interest in this area.
In addition, the comparison of different markets allows readers to understand common and particular themes, and to see how different countries have tackled different growth, regulatory and economic issues.
We hope that you find our latest publication both interesting and useful.
Our vision and focus is to use the strength and depth of our company to help our clients reduce the time and money they spend on managing risk. If you need a global group of legal advisers, delivering a creative, commercial and specialist service, talk to Global Insurance Law Connect today.
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