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| Vietnam Insurance Report Q1 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| Odds now appear tilted towards a more prolonged economic downturn in Vietnam as an adverse global
macroeconomic backdrop extends the policy-induced slowdown in 2008. ... |
| Venezuela Commercial Banking Report Q1 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| The announcement on January 16 by President Hugo Chavez that the government may tap US$12bn of
international reserves (the total stock of which currently stands at US$42.0bn) to finance social spending
supports our view that the countryfs inflation rat ... |
| United Kingdom Insurance Report 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| The UK is both a very large domestic market and also a key player in the world insurance market,
especially via Lloyds. In non-life, the UK is the worlds third largest market, behind only the US and
Germany. ... |
| Ukraine Insurance Report 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| The unstable economic, and domestic and regional political landscape in Ukraine highlights the
precarious nature of this insurance market, which in global terms is both embryonic and fragile. ... |
| Thailand Insurance Report Q1 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| The comparatively brisk rebound in Thailand' s real GDP growth in H108, of 5.7% y-o-y, is in our view
highly unlikely to be repeated in the second half, with significant trade headwinds, political turmoil and
turbulent financial markets having affected ... |
| Thailand Commercial Banking Report Q1 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| The comparatively brisk rebound in Thailandfs real GDP growth of 5.7% year-on-year (y-o-y) in H108 is,
in our view, highly unlikely to be repeated in the second half, with significant trade headwinds, political
turmoil and turbulent financial markets h ... |
| Taiwan Insurance Report Q1 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| In view of a sharp deterioration in key macroeconomic metrics, including a negative real GDP growth
figure in Q308 and very poor export order data, we believe the odds of Taiwan falling into a technical
recession are very strong. ... |
| Taiwan Commercial Banking Report Q1 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| Taiwanfs third-quarter GDP data hit a very downbeat note, with its economy registering a contraction of
1.02% year-on-year (y-o-y) from an upwardly revised expansion of 4.56% in Q208. ... |
| South Korea Insurance Report Q1 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| We are now cutting our 2009 real GDP growth forecast from 3.0% to 1.5% on the back of a sharper than
anticipated slowdown in exports amid government efforts to resuscitate moribund domestic demand. ... |
| South Korea Commercial Banking Report Q1 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| BMI is cutting its 2009 real GDP growth forecast from 3.0% to 1.5% on the back of a sharper-thananticipated
slowdown in exports amid government efforts to resuscitate moribund domestic demand. ... |
| South Africa Insurance Report Q1 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| Late last year, BMI travelled to South Africa to meet with key clients in the corporate, financial and
public sector, as well as to gain a feel for the prevailing economic and political conditions on the ground. ... |
| South Africa Commercial Banking Report Q1 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| Concerns about South Africa' s growth potential and macroeconomic stability have been highlighted by
Fitch and Standard & Poor' s decision to downgrade the country' s external credit rating outlook to
' negative' from ' stable' on November 11 2008. ... |
| Serbia Insurance Report 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| The Serbian insurance sector is small, a fact evident from regional as well as a global comparison, and
highlighted by the movement of larger firms from neighbouring countries (Croatia, Slovenia) in the
Serbian market. ... |
| Saudi Arabia Insurance Report Q1 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| There is no doubt that a tide of pessimism has overtaken the Gulf region over recent weeks and, with
downward growth revisions, cancelled IPOs and disappointing corporate results, there may be a vicious
circle in play. ... |
| Qatar Insurance Report 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| Qatarfs insurance sector has seen good growth in the past few years, particularly in terms of gross
premiums. ... |
| Philippines Commercial Banking Report Q1 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| Although real GDP growth in the Philippines accelerated to 4.6% year-on-year (y-o-y) in Q308, up from
4.4% in the previous three-month period, we retain our downbeat view of the Philippine economy. Risks
to our current 4.3% growth forecast for 2009 rema ... |
| Pakistan Insurance Report 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| The insurance sector has enjoyed robust growth in the past few years, spurred by rapid economic growth,
expansion of the financial sector a as whole, privatisation, foreign investment and rising levels of income
and also insecurity. According to the Ins ... |
| Oman Insurance Report Q1 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| Though Oman' s financial sector is relatively insulated from global problems, the oil and gas sectorfs
reliance on commercial finance will undermine some of the countryfs major economic projects.
Economic activity will be hit by the tail-wind of the g ... |
| North Africa Insurance Report 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| The insurance industry in North Africa ? Morocco, Algeria, Tunisia and Libya ? continues to be
challenged by a lack of economies of scale. The table below shows that the four countries collectively
generate a little more than US$3,814 in gross written p ... |
| Nigeria Insurance Report 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| The biggest developments in Nigerian insurance include the National Insurance Commission, NAICOM,
seizing control of the largest insurer, NICON, in November 2007, part of a long standing tension between
the commission and Nicon. As of June 2008, Nicon I ... |
| Nigeria Commercial Banking Report Q1 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| Going into 2009 we see growth falling off as oil revenues shrink relative to the previous year and then
rebounding in 2010 as inflation moderates and oil revenues tick up. BMI' s forecast for a drop in oil' s
price in 2009 is predicated on a major slowd ... |
| Mexico Insurance Report Q1 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| Mexico' s industrial production index contracted 2.8% y-o-y in October. This took the three-month
moving average to a record low (from when it was re-indexed in 2003) of negative 2.2% y-o-y, and we
believe the worst is yet to come. The high correlation ... |
| Malaysia Insurance Report Q1 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| We have revised down our 2009 growth forecast for Malaysia from 3.1% to 1.4% after the latest
industrial production data revealed that factory output contracted at its fastest pace in seven years in
November. Moreover, with the global economy unlikely t ... |
| Malaysia Commercial Banking Report Q1 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| Although Malaysiafs economy retained its strong growth momentum in Q208 with real GDP expanding
by 6.3% year-on-year (y-o-y) to beat a consensus forecast of 5.9%, economic activity witnessed a
significant slowdown, having recorded growth of 7.1% in the ... |
| Lithuania Insurance Report 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| The most striking change since the last report has been the rapid development of the now worldwide
credit crisis and the subsequent recession following on from it. The overall Lithuanian economy has fared
better than regional peers Estonia and Latvia, w ... |
| Latvia Insurance Report 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| The most striking change since the last report has been the rapid development of the now worldwide
credit crisis and the subsequent recession following on from it. The Latvian general economy is already
experiencing markedly negative year on year rates ... |
| Latvia Commercial Banking Report Q1 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| The medium-term outlook for the Latvian economy is bleak. The country is approaching a technical
recession (defined as two quarters of negative growth) with the economy contracting by 4.2% year-onyear
(y-o-y) in Q308, according to a flash estimate from ... |
| Kuwait Insurance Report Q1 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| The global growth outlook has worsened considerably over the last few months, and our previous
optimism, not only towards Kuwait but also to most other emerging and developed markets, has
dampened. Our core scenario is for global growth to slow from 2.9 ... |
| Kazakhstan Insurance Report 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| Despite the notable lack of progress in political and democratic reforms, Kazakhstanfs relative stability
and booming energy sector, continue to mark it as an ongoing prospect for cross border insurers. Of
particular interest will be the expected absol ... |
| Jordan and Lebanon Insurance Report 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| Jordan and Lebanon together make a negligible market for insurance providers. Our Insurance Business
Environment rating for both countries is low by regional standards, and while premiums are growing at
more than 12% in Jordan, for example, this is grow ... |
| Japan Commercial Banking Report Q1 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| Japan officially entered recession in the second half of 2008 with real GDP shrinking at an annualised rate
of 3.7% in Q208 and 1.8% in Q308, and will sink deeper into recession in 2009 as the global economy
deteriorates. Its economy is vulnerable on fo ... |
| Israel Insurance Report 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| As a relatively developed country with a sophisticated financial services sector and a favourable
regulatory regime, Israel should be an attractive market for the worldfs insurers. Recent growth has been
steady, if not spectacular. There are no legal b ... |
| Iran Insurance Report Q1 2009 |
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| Table of Contents Published: 2009/03 Published by: Business Monitor International |
| The coming year will be a tough one for Iran. Economic growth will slow, mirroring the slowdown in all
the major economies of the world, and we now see real GDP growth in 2009-2010 (note: Iranian years
begin in March) falling to just 2.4%, down from 4.7 ... |
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