Informacion economica sobre Cuba

Emerging Insurance Markets – Cambodia, Cuba, Myanmar – Forecasts and
Industry Insights for Foreign Insurers:
Press Release:

DALLAS, August 6, 2014 /PRNewswire/ —
A nascent insurance market is one that is small and newly developing,
and those that have been opened for foreign investment offer significant
opportunities to foreign insurers. Insights into the Cambodian, Cuban
and Myanmar insurance industries are provided at length in a June 2014
published report titled “Insight Report: Nascent Insurance Markets and
Opportunities for Foreign Insurers” and available at
Myanmar’s insurance industry began the transition from a
centrally-planned operation to something closer to a free market in late
2012. The five decade long monopoly of state-owned Myanma Insurance was
ended, with the establishment of twelve domestic private insurance
companies, three life insurers and nine composite insurers in 2013. Even
more dramatically, the new democratic government has tentatively
announced that it will open the industry to foreign insurers as well in
Since the newly established private insurance companies will only
complete their first year of operations in 2014, uncertainty remains
over the total size of the industry. State-owned Myanma Insurance
generated a total of MMK24.1 billion (US$28.6 million) in gross written
premiums in the financial year ending March 2012. However, these amounts
do not reflect the market’s true potential. The Myanmar insurance
industry is highly underpenetrated, with only one out of 86 individuals
holding an insurance policy. Insurance penetration as a share of GDP is
currently only 0.05%. This means that the industry has huge potential
for growth over the next decade. It is estimated that the country will
eventually generate between MMK1.3 trillion (US$1.6 billion) and MMK2.4
trillion (US$2.8 billion) of insurance premium revenue every year.
Some multinational insurers have already begun preparations so as to be
ideally positioned to enter the Myanmar insurance market as soon as it
is opened to foreign investment. These companies include AIA, ACE,
MetLife and Prudential, which have all obtained authorisation from the
insurance regulator to establish representative offices in the country.
Through these representative offices they can provide training and
consultancy services to both domestic insurers and the country’s
insurance regulator. This process will allow these multinationals to
gain key strategic insights and contacts in the Myanmar insurance
industry, and grant them an early-mover advantage that could be worth
hundreds of millions in dollars once the market opens to foreign insurers.
Although the market will likely prove lucrative for foreign insurers,
regulatory risks loom large. Private insurers are only permitted to
underwrite business in six of the forty-eight recognised insurance
categories in Myanmar. State owned Myanma Insurance will retain its
monopoly over the remaining forty-two categories. The country is also
imposing very high capital requirements, of US$7.1 million for life
insurers, and US$47.4 million for non-life insurers.
Myanmar’s regulatory standards remain very basic and lack proper
guidelines on the establishment of insurance companies, solvency
requirements, reserve requirements, or reporting requirements. The
country’s regulatory framework is still evolving, and new rules and
regulations are to be expected at a moment’s notice. Hopeful foreign
insurers will have to keep a close eye on the market if they don’t wish
to be caught off-guard.
Order a copy of “Insight Report: Nascent Insurance Markets and
Opportunities for Foreign Insurers” research at .
The untapped insurance industry of Cuba
The insurance industry in Cuba was opened for private participation and
foreign investment in 1997 under free-market economic reforms initiated
by Fidel Castro’s then-communist government. However, with the high
level of political risk, the Cuban insurance industry is yet to be
explored by foreign insurers. Only state-owned bodies such as Esicuba
SA, Esen, Asistur SA and Heath Lambert de Cuba SA operate in the country.
The political and economic scenario in Cuba began to change when Raul
Castro succeeded Fidel Castro to lead the communist government in 2008.
From 2011, Cuba’s centrally planned socialist economy began the gradual
journey to becoming a free market economy. The government eased out
state control in many industries and permitted self-employment in 178
economic activities. Private participation in the economy significantly
increased personal wealth and gross national savings, creating increased
demand for insurance. Economic reforms are expected to boost GDP growth,
which has growing by 2-3% annually since 2010. The gradual economic
liberalization is expected to encourage foreign insurers to explore the
untapped insurance market in coming years.
A private insurance market is yet to be established in Cuba and it is
difficult to estimate its size. The state-owned Esicuba SA generated a
total gross written premium of CUP99.8 million (US$4.2 million) in the
financial year ending December 2011, with annual growth of 29.3% over
the CUP77.2 million (US$3.2 million) gross written premium generated in
2010. However, the industry has the potential to generate substantially
greater revenues.
Beginning of a new life insurance market in Cambodia
Cambodia ended decades of economic isolation in 2000, when it made the
transition to a free market economy. This followed bold economic reforms
and economic liberalization, which triggered rapid growth over the next
decade. The non-life insurance segment was formally established in the
country in 2003 with the entry of private insurers. It grew rapidly
during its initial phase of development and generated premiums of
US$35.6 million in 2012. The Cambodian insurance industry has
substantial potential for growth and is expected to continue to grow
over the next decade to become a US$200.0 million industry by 2023. As
of May 2014, six non-life insurers operated in the segment.
The life insurance segment in Cambodia formally started in 2012 with the
establishment of the state-owned life insurer Cambodian Life Insurance
Company followed by foreign life insurers Manulife and Prudential. The
untapped market has the potential to generate around US$80-90.0 million
within a decade. Cambodia is an attractive investment opportunity for
multinational insurers and more are expected to enter the market in the
next five year.
Not yet sure about making a purchase decision on this report? Get your
questions answered through before
deciding to buy “Insight Report: Nascent Insurance Markets and
Opportunities for Foreign Insurers”.
Published in August 2014, “The Insurance Industry in Zambia, Key Trends
and Opportunities to 2018″ is a 145 pages market research report that
says Zambia ranks among the top 15 fastest-growing economies globally,
and its economy continues to be strong, with the country having achieved
middle income status in 2011. Zambia’s economy grew at a CAGR of 14.9%
during the review period, and is estimated to grow by 7.1% in 2014. Led
by relatively stable economic growth and a progressive regulatory
environment, the country’s insurance industry registered strong growth
during the review period, driven primarily by the non-life segment,
which accounted for 63.7% of the industry’s gross written premium value
in 2013. Gross written premium grew at a review-period CAGR of 15.6%,
and is projected to grow at a CAGR of 13.9% over the forecast period. A
number of insurance companies entered the industry, attracted by the
positive growth potential and low penetration rate, which stood at 1.37%
in 2012, compared with the African average of 3.65%. Complete report is
available at
Another 146 pages research “The Insurance Industry in Bermuda, Key
Trends and Opportunities to 2018″ published in Aug 2014 says that
despite continued low investment yields and moderate economic growth in
Europe and the US, Bermuda’s insurance industry continued to thrive in
2013. Gross written premium increased at a rate of 7.4% from 2009 to
2013. The growth was primarily driven by low losses from catastrophes
and proper reserve development in 2012. As a result, leading industry
participants recorded a significant improvement in combined ratio,
depicting strong underwriting performance which in turn supported their
risk-adjusted capitalization. Complete report is available at
Explore more reports on banking and financial services industries at .

Source: Emerging Insurance Markets – Cambodia, Cuba, Myanmar – Forecasts
and Industry Insights for Foreign Insurers: –
Yahoo Finance Canada –

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