Global Insurance Outlook 2013

As we enter 2013, the global insurance industry has never faced such a combination of turmoil, economic uncertainty and opportunity.

Although the US Congress agreed to a deal that effectively softens the “fiscal cliff” (and several European countries are evading bankruptcy), relief may be only temporary–with a decline in consumer savings still a looming concern. This can be countered somewhat by consumers taking greater personal responsibility for their families’ financial well-being as trust reduces in national governments to protect them. Read more

Global Consumer Insurance Survey 2012 India by ERNST & YOUNG

With the rise in affluence and increased product awareness, the middle class is fast emerging as the most lucrative segment of the Indian market for financial services companies. India has a large working population, with higher disposable income than in the past and therefore a greater propensity to buy products to meet their growing aspirations. However, due to rapidly evolving markets, customer loyalty to brands is fickle and very much dependent on price points, customer service and innovative product offerings. Only one in five Indian consumers say they are “extremely loyal” to their favorite brands. Read more

Global Consumer Insurance Survey 2012 Asia-Pacific by ERNST & YOUNG

The Asia-Pacific region is one of enormous growth and opportunity for insurers. It is also one of significant diversity. In developing countries, agency sales forces dominate and play a vital social role in making products accessible to low earners. The development of insurance markets in western- Developed countries, however, indicates that the emergence of more independent, but also expensive, distribution channels often ultimately leads to the demise of traditional agency sales forces. Read more