ING Insurance Asia/Pacific
ING is one of the 20 largest financial structures in the world and within the top ten in Europe. A dutch-founded company, ING offers a variety of products lines in the insurance industry. It offers insurance services in the Americas, in Europe as well as in Asian countries. ING also does retail and wholesale banking all over the world. ING was the first European enterprise to enter the life insurance market in countries such as Japan, Taiwan and South Korea. Life insurance policies in Asia are different than policies in the rest of the world. Asian life insurance policies include a savings aspect as well the life insurance component. Jacques Kemp has recently become the CEO of the Asia/Pacific subdivision of ING Insurance and is attempting to prepare his firm for the future competition they will face.
The Asia/Pacific market is a key opportunity for ING insurance. There is huge economic growth the Chinese and Indian markets therefore encouraging much investment in both countries. These investments came as two joint ventures in China as well as one in India and a high stake in a top Indian bank, Vysya Bank. ING dominates the markets in Australia/New Zealand, Taiwan, Malaysia, Hong Kong, Japan and Korea as well as investing in smaller markets such as Singapore and the Philippines. ING currently ranks within the top five financial providers in the Asia/Pacific region serving more than six million clients.
Within the Asian/Pacific market, 900 different insurance companies operate in the twelve eastern pacific countries. The influence of the companies varied in each different country. This was also due to specific regulatory rules for each country. For example, Hong Kong was a country with few regulations thus providing an easier entry to the market where as other countries had certain regulations in the fields of licensing, product styles and prices. However, the World Trade Organization (WTO) lobbied for highly...
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