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Daily Insurance Industry News
Thursday 22nd of February 2018
July 2, 2010

CII releases South East Asia economic report

by Richard Kilner

Story link: CII releases South East Asia economic report

The Chartered Insurance Institute (CII) has released an in-depth report into the future of insurance and financial services in India and South East Asia.

Dr Vanessa Rossi, from the international economic think tank Chatham House, compiled the report, which indicates that countries such as India are set to overtake Western economies on the international stage.

The report also states that although growth in the region is generally rapid, there are various different stages of development and some countries are more mature, with others still experiencing very high rates of demand.

In addition, the report suggests that there is still plenty of scope for expansion of financial services provision in the region, with fast expansion predicted for India, should it manage to achieve faster economic growth.

Growth in financial services is expected to be most rapid in 2020-2030, although in the latter half of this decade Chinese expansion is expected to slow as Indian growth takes off.

Steve Jenkins, CII director of financial services and insurance markets, has said that now is the time to embed a professional culture in the financial sectors of the region so that when growth takes off professionalism is already at the core of financial services in South East Asia.

 

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