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Korean Insurance Companies Set Eyes on Southeast Asia

20 August 2014 14:16 WIB

Penetrasi Asuransi Asing Makin Marak

TEMPO.CO, Seoul - The insurance market in South Korea is reaching its saturation point due to tight business competition. Many insurance companies in the country continue to eye customers in the Southeast Asia region, which they consider as potential markets, especially Malaysia and Indonesia.

Jean Yong-sik, an analyst from the Korea Insurance Research Institute, said that in order to succeed in the Southeast Asian market, Korean insurance companies must first understand the Islamic financial (sharia) culture and develop mutual trust. "In some countries, such as Indonesia and Malaysia, sharia-based financial industry has grown rapidly," he said as reported by The Korea Times.

According to Yong-sik, with its large population, the Southeast Asia region is a prime target for investors to expand its businesses. Malaysia is now on the radar of the global industry of sharia finance while Indonesia is also considered to be a potential powerhouse in terms of sharia finance.

Indonesia and Malaysia constitutes one-third of the total market for takaful (sharia-based insurance), which has reached a total value of US$11 billion worldwide. Takaful has recorded an annual growth rate of 35 percent since 2005. "If [investors] fail to understand sharia-based practices, they will not win trust from the local customers, and this will lead to the failure of business sustainability," he said.

THE KOREA TIMES|SETIAWAN ADIWIJAYA



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