ASEAN Economic Community to generate opportunities in 2015
The formation of the Association of Southeast Asian Nations (ASEAN) Economic Community will present significant opportunities for independent insurance brokers in 2015 said Brokerslink Chairman, José Fonseca speaking at the Brokerslink Asia Pacific regional conference.
Over 60 delegates from 13 Asia Pacific countries gathered in Thailand for the third Brokerslink Asia Pacific Regional Conference where they were told to “grasp with both hands” the significant opportunities generated by the formation of ASEAN Economic Community.
Fonseca said: “The integration is expected to transform the world’s fastest growing region into a more competitive and unified player in the world economy. Consisting of 10 economies with a diverse business landscape and a consumer market of over 600 million people, the opportunities for brokers and insurers are without doubt considerable.
“As independent brokers we must join together and act as one to provide the depth of knowledge and wide geographical coverage required. This will be especially relevant for the large number of infrastructure projects that funded by foreign direct investments and assistance from foreign governments and financial institutions.”
Fonseca also said that Brokerlink had received considerable support from entrepreneurial independent brokers in the region, and as a result, already has members located in six of the ten ASEAN countries: Philippines, Singapore, Indonesia, Malaysia, Thailand and Vietnam.
Michael Gourlay, executive vice president Business Development of MSIG Holdings (Asia) gave delegates an insight into the opportunities for the general insurance industry, describing the five core elements of an ASEAN single market and production base as a “free flow of goods, services, investment, capital and skilled labour”.
He also said that wide spread business sectors such as fisheries, air travel and transportation were expected to benefit and in turn generate a need for additional or more sophisticated insurance cover.
ASEAN membership consists of 10 countries: Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. Originally established in 1967, its objectives are to accelerate the economic growth, social progress and cultural development in the region through joint endeavours and to promote regional peace and stability.
