TOKYO, Nov 29, 2010 (Bangkok Post - McClatchy-Tribune Information Services via COMTEX) --
Tokio Marine Holdings, Japan's largest insurer and the world's 10th largest insurer based on written premiums, is pursuing merger and acquisition opportunities in Asia as it has recovered quickly from the global economic slump.
"We're looking for appropriate deals in the region as it shows very high growth, particularly Thailand, which is our rising star market," said Takashi Yoshikawa, chief executive officer of Tokio Marine Asia, based in Singapore. According to Swiss Re's sigma report, Asia excluding Japan showed the highest growth of 14% both in life and non-life sectors in 2009 compared with 4% growth in Europe, 2% in North America, and -2% in Japan.
Asia excluding Japan, the Middle East and Central Asia accounted for only 9% of the global non-life insurance market worth US$1.7 trillion in 2009, with North America controlling 40%, Europe 38%, Japan 6% and others 7%. For the life segment, the region made up 14% of the $2.3 trillion global market where Europe controlled 41%, North America 23%, Japan 17% and other regions 5%.
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The rest of the article is at the link as always. The major factor behind this story I see is the fact that AIG is pulling out of Asia, leaving a vacuum in the insurance market they hope to exploit before another western company moves in, or AIG returns in a decade or so. Could be interesting viewing to see what happens on this front.
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