Asians are notorious for their penchant for savings – the 2007 personal savings rates in China and India were 14 percent and 27 percent respectively, compared to – 1.0 percent for the UK and 4.4 percent for the US. The exception is Japan, where there has been no growth between 2002 and 2007 and this is unlikely to change in the future. Of course. growth will not be uniform across these countries. This growth will be unevenly distributed; Indian, Malaysian, and Filipino populations will increase by 7-8 percent; the north Asian countries such as China, Taiwan, and South Korea growing by 2-4 percent; and Japan will experience a slight decrease in population. In markets such as China, India, Vietnam, and Indonesia, market penetration of life insurance is very low, currently at less than 5 percent of GDP. A glimpse of these opportunities for smaller players can be seen in the fact that from 2000 to 2006, smaller players gained 36 percent market share at the expense of the four large, local incumbents and the postal system.

This is thanks to a growing but aging population, steadily increasing wealth levels, changing attitudes about personal finances, high savings rates, and an extension of geographic scope, mainly seen in the penetration into new markets outside the biggest urban areas. We believe that it is likely that one day life insurance penetration in Asia will exceed levels seen in the West. If done wrong, it will only lead to increased frustrations and added expenses. Over the years, many multinational insurers followed the lead of MG in entering Asia, including AXA, Manulife, Prudential (UK), and ING. With fast-growing GDP levels, the personal financial assets of the population will grow over proportionally. Given this level of personal savings, it is not inconceivable that Asia will one day surpass the Western markets in many of the penetration benchmarks we observe today. The term marketing can be given narrow or broad interpretation. These significantly higher savings rates translate into a higher level of personal financial assets at any given level of economic development. From the international finance center of Hong Kong to the fast-growing Taiwan market and then to the huge domestic economy of China – in many ways Dominic’s career reflects the development of the Asian life insurance market.

There is much more room for development – in mature markets such as the UK and the US, the cash holdings as a percentage of personal financial assets are at 22 percent and 13 percent respectively. By 2006, the Chinese put only 79 percent of their financial assets in cash, India 65 percent, and Thailand 58 percent. In 2002, Chinese consumers put 84 percent of their personal financial assets in cash or bank deposits, India 74 percent, and Thailand 72 percent. If you use the card overseas, it may charge up to 3 percent or more per transaction. However, the Japanese market as a whole has been stagnant for years; during 2002-07 there was a compound decline of 2 percent, while other markets in Asia grew by an annual aggregate rate of 15.7 percent. That means that Asia will have more than 15 times the total population growth of the US and Europe combined, or in absolute terms, Asia will grow by almost double the United States’ current population. This means he needs to have all the documents and records otherwise he will end up with a lot of trouble coming his way and will not be able to stand a chance in the court.

Superior Court held that there was no coverage for the claim under either policy because the policy provided coverage only if a claim was both made and reported during the same policy period. If this coverage is included you need to enter the limits and the deductible amount. Almost all insurance policies will have a “pollution exclusion” listed under the liability coverage section. In the same time frame, the United States population will grow by a mere 40 million and that of Europe will decline by almost 10 million. You need a tool to deal with a financial risk that is lurking around the corner; you need an insurance policy to provide for your family and loved ones in time of need. 1. Click the Source Insurance Plan search button. For many customers in these markets, life insurance is the first financial product that they purchase, with the life insurance agent often being the only source of financial know-how.