Part of the UK’s insurance markets could be expanding into different regions of Asia. Having identified 8 countries in this eastern region the Association of British Insurers (ABI) will be making its mark overseas. In particular, China and India were singled out as attractive areas for the Association. Other areas included: Hong Kong (SAR), Indonesia, Japan, Malaysia, Singapore and South Korea.
ABI chose these countries having assessed them for growth potential, market size and current commercial/regulatory relationships. According to the firm’s Director General, Huw Evans, there is an opportunity for the entire insurance and long-term savings industry to take a key role in new post-Brexit international trade deals. This should be done gradually so that secure improvements are more likely. Ultimately free trade could benefit everyone and this industry, Evans believes, is in a prime position to demonstrate that fact.
Another industry that seems to be thriving in the Asia-Pacific region is prefabricated housing; with two-thirds of it now being in the area. This is particularly true for China where – it is estimated that between 2014 and 2019 – two-fifths of new international demand will be generated.