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2017 to be a year of continued change for insurers

  • Publish Date: Posted over 7 years ago

The Asia-Pacific insurance market will remain in transition this year, as the convergence of economic, technology, customer and regulatory forces remake the regional playing field, according to EY in its report "2017 Asia-Pacific insurance outlook". For a number of insurers, 2017 will be a year of continued change and strategic reassessment of core businesses and distribution channels. Strong growth and greater income levels will further fuel demand for insurance products and greater innovation. Advances in digital technology are raising customer expectations for innovative insurance products and digitally-enabled business models. At the same time, the regulatory landscape will continue to evolve as Asia-Pacific markets tighten capital requirements, adopt the OECD’s Common Reporting Standard and introduce regulations on consumer protection and cyber security.