SINGAPORE /PRNewswire/ -- Milliman, Inc., a
premier global consulting and actuarial firm, today announced the
availability of new research into the implications of the
transition toward the Association of Southeast Asian Nations
(ASEAN) Economic Community (AEC). With the AEC commencement quickly
approaching at the end of this year, Milliman has examined the
market characteristics and regulatory environments in each ASEAN
country and has launched the Milliman ASEAN Liberalisation
Index (MALI), a tool that characterises each member-state's
progress toward the more harmonised regime envisioned when AEC was
originally conceived.
MALI is intended to provide a holistic and
relative view of each ASEAN life insurance market, covering aspects
such as regulatory openness, alignment to international standards,
ease of doing business and adequacy of policyholder protection. The
higher the MALI score, the greater the state of liberalisation.
As may be expected,Singapore has the highest MALI score, confirming the view that it has the most
advanced life insurance industry in ASEAN.
"Many
insurance executives in the region view the move toward the AEC as
advantageous for the industry in the long run, presenting more
opportunities for cross-border sales and better exchange of
talent," said Richard Holloway, Milliman's Managing Director
of South East Asia and India Life. "However, each member country faces unique
challenges. We are introducing MALI to help the life insurance industry across the
region better understand commonalities and differences between the
markets and develop appropriate strategies as we advance toward a
more unified regime."
"The
requirements and deadlines of AEC as originally conceived may not
be attainable short-term," said Michael Daly, principal and consulting actuary in
Milliman's Hong Kong office. "We may see the emergence of a
slimmed-down framework, leaving room for current differences while
paving the way to greater integration in the long term. This report
details those challenges and helps to identify a way forward."
To see
the full report, go to http://www.milliman.com/insight/2015/Potential-implications-of-the-ASEAN-Economic-Community-for-the-life-insurance-industry/.
About Milliman
Milliman is among the world's largest providers of actuarial and
related products and services. The firm has consulting practices in
healthcare, property & casualty insurance, life insurance and
financial services, and employee benefits. Founded in 1947,
Milliman is an independent firm with offices in major cities around
the globe. For further information, visit www.milliman.com.