As Sri Lanka’s population ages, the insurance market booms

As Sri Lanka experiences demographic shifts – by 2021, 16.7% of the population could be aged 60 or above – the life insurance market is booming.

The nation’s average economic growth stands at a brisk 6.2% since the end of the bitter civil war in 2009, with services and manufacturing leading the way.

As Sri Lankans live longer, demand is surging for insurance products such as endowment and pension policies, with retirement planning taking a front seat.

Will insurance continue to be one of Sri Lanka’s sunrise industries?

Read more here: https://www.spireresearch.com/newsroom/spirethoughts/as-sri-lankas-population-ages-the-insurance-market-booms/

Comments

Spire speaks on ICT sector at the GATES Vietnam ICT Channel Summit in Da Nang

Spire was honored to participate in the GATES Vietnam ICT Channel Summit 2019 as Event Partner. The Summit was held on 11-13 December, in Da Nang. Japnit Singh, Deputy Chief Executive Officer of Spire Group, shared his insights on scope and opportunities. Japnit discussed how the ICT sector in Vietnam holds lucrative opportunities. The country boasts the fastest growing economy in South-East Asia with around 13% GDP (Gross Domestic Product) growth for manufacturing from FDI (Foreign Direct Investment) in 2018. With the 4th fastest download speed in ASEAN, Vietnam’s digital economy continues to grow. E-commerce growth is expected to be 14% from 2019 to 2023, with 97% of online purchases executed through mobile phones. The government’s Digital Economy 2020 plan aims to promote smart cities across the country by 2030. Regulatory reform aims to ease digitization in the government and encourage local businesses to adopt technology. To that end, the government plans to is...

The Trump Presidency: One year on

One year since President Trump took office, what has been the impact for businesses in Asia? Leon Perera, CEO of Spire Research and Consulting, shared his thoughts in The Business Times – Views from the Top section on 27 November 2017 on the impact on global economy. Thus far, Donald Trump’s Presidency has not been bad for the American stock market and the US dollar. However, the expected infrastructure spending and tax cuts, which drove stock market exuberance in 2016, are still far from being realized and could well be at risk. Perera opined that President Trump’s withdrawal from the Trans-Pacific Partnership (TPP) has caused a strain in global trade relations and has raised the risk of trade frictions. President Trump has also overseen a decline in US influence in the Middle East and Asia. However, the basic fundamentals of the US economy remain strong thanks to its world-class universities, innovative companies, confident consumers, a strong start-up sector as well ...

Spire speaks to US firms about Southeast Asia’s Silver market

Spire was honored to participate in a webinar organized by the US Commerce Department as well as Muziyi Advisory, the organizers of the ELDEX event. Leon Perera, Chief Executive Officer of Spire Research and Consulting group, shared his insights on the growing “silver” market opportunities in Southeast Asia. Leon shared that the number of persons aged 65 and above is projected to double by 2035 across several ASEAN countries, with Indonesia expected to have the largest elderly population of around 30 million, double its current elderly population. The fastest ageing markets in the region are Singapore and Thailand followed by Malaysia, Vietnam, Indonesia and Philippines. The Asia-Pacific region is the world’s third largest region in terms of “silver” product and service revenue, but the fastest growing one. With an annual growth rate of 15 per cent, Asia is ranked among the top three nursing care markets in the world. Improving the social security system, enhancing th...

Robots : Changing industries, expanding possibilities

Robots are now prevalent across many industries, not only heavy manufacturing. Today’s robots are more precise and can be controlled remotely, which is why there is a preference for them over error-prone humans in some parts of the services industry. With over 179,000 industrial robots sold worldwide in 2013, robots are now set to conquer a new arena – the household. What is a robot? The first thing that comes to mind when the word robot is uttered is a machine that imitates a human being, such as the androids from Hollywood’s Star Wars or Terminator movies. The reality, though, is that the hundreds of thousands of industrial robots operating in the world resemble high-tech machinery more than high-tech humanoids. A robot is defined as a programmable, self-controlled device with electrical, electronic or mechanical units. Robots have some advantages over humans when it comes to work – they have better physical endurance and are more adept at working under uncomfortable or da...

Thailand unrest fails to deflate the Thai economy

Thailand has been beset by continuous political tension since 2008. And now, anti-government protestors vow to “shut down” Bangkok. But the protests have not derailed foreign direct investment or economic growth. Leon Perera, Chief Executive Officer of Spire Research and Consulting, shared his thoughts on the outlook for Thailand’s economy in China Daily – Asia Weekly. Despite the on-going political unrest, Thailand’s economy continues to grow steadily. One of the drivers of this growth is foreign direct investment. The Thai Board of Investment, one of the region’s most respected investment boards, has managed to maintain investor confidence thus far. However, adverse impacts have been felt on Thailand’s stock market, currency and inbound tourism during this period of intense political strife. Perera shared that the Thai tourist industry has been hit by flight and tour cancellations. Having said that, other key sectors such as chemicals, automotives, information and communica...

The Knowledge to Decide

Search This Blog