Global Insurance Law Connect (GILC) member firm Sparke Helmore is delighted to launch Spotlight on Emerging Markets, GILC’s latest thought leadership report. The report provides a comparison of four markets—Brazil, China, India and Mexico—to help insurers understand particular themes and see how different countries have tackled different growth, regulatory and economic issues.
Chris Wood, Sparke Helmore National Practice Group Leader for Commercial Insurance, commented, “As growth within the mature insurance markets stagnates—and I would include Australia in this bucket—carriers and brokers are looking for opportunities for growth in emerging economies. And when you consider that these economies include global giants China and India, you can see how important the “emerging” players are for insurers.
“The GILC wanted to use the network’s expertise to give our collective client base a reference tool that highlights the growth opportunities, the complexities as well as the common themes around regulation and economic issues being experienced in these countries. The Spotlight on Emerging Markets is a useful “what’s happening now” guide for insurers who have an interest in the area. ”
Chris Wood continued, “These markets are growing rapidly, which make them exciting places to work and invest, but sometimes also higher risk. Each emerging market has its own complexities, its own legal structures, and often a distinct approach by its own government, which must be understood when considering growth aspects and possibilities for entering the market.”
Gillian Davidson, Partner Commercial Insurance at Sparke Helmore and GILC Board Representative for Asia Pacific, reflected on China and India. “For Australian insurers it’s hard to ignore that Asia Pacific is home to nearly a third of the world’s population.
“China is the second largest insurance industry in the world with two of the world’s five largest insurers. And although the insurance market is booming in China, foreign-funded insurance companies still face some obstacles. And with India, you have a vast under-insured nation. You also have a government that is about to implement a second wave of reforms in the insurance sector, with an agenda to increase foreign participation.
“The opportunities are endless for insurers willing to go on something of a wild ride.”
Click here to access the full report.