Support for Asean insurance growth prospects

KUALA LUMPUR: The growth prospects for insurance in six major Asean markets are supported by strong socio-economic fundamentals, but the pace and quality of growth will vary geographically, said Moody’s Investors Service.

Moody’s assistant vice-president and analyst Frank Yuen said the fundamentals included urbanisation, a growing middle class, low insurance penetration and the lack of a sufficiently funded welfare system.