Asia is expected to be the fastest growing region in the world insurance market up to 2005, according to a senior Asia-Pacific executive of Allianz Group, Hans-Peter Vogt.
Allianz, one of the world's largest insurers, indicated two weeks ago it was considering a listing in either Hong Kong or Singapore in the next three to five years.
It plans to list in the United States next year.
'Asia will be the fastest growing market in the world,' Mr Vogt said.
'We simply cannot neglect such big markets.' According to Allianz, the Asia-Pacific region's market share of the world life insurance market is expected to rise to 16 per cent in 2005, up from 9 per cent in 1996.
Japan, the largest player in 1996 with 34 per cent, is expected to drop to 32 per cent in 2005.
Europe's share of the life insurance market is expected to fall from 30 per cent in 1996 to 29 per cent in 2005, while North America is expected to see a drop from 25 per cent to 20 per cent.
