Acknowledgments ix Introduction xi What Is New in This Second Edition? xii CHAPTER 1 Emerging Themes in Asia 1 A New Paradigm 3 Asia as the Emerging Powerhouse in Insurance 4 A Heated Battle between Multinationals and Locals 11 The Changing Face of Distribution 22 Driving Innovation in Insurance 35 Changing Product Mix to New Needs of Asian Consumers 40 Conclusion 54 CHAPTER 2 China: Yes, Size Does Matter 57 A Winding Road to the Top 59 Rise of the Chinese Giants 62 Foreign Multinationals in China: Scaling the Great Wall 66 Key Challenges to Overcome in China 71 The Future: Growth in Uncertainty 84 CHAPTER 3 India: Dance of the Elephant 87 Dawn of a New Era 89 Changing Landscape of the Life Insurance Market 93 Path to Sustainable Growth in the New Normal 96 The Future: India Life Insurance 2.0 105 CHAPTER 4 Japan: A Giant Awakening? 107 Continued Stagnation in the Overall Market 110 Shifting Competitive Landscape 112 Emerging Opportunities in Certain Product Submarkets 121 Increasing Scope for Innovative Sales Models 129 The Future 133 CHAPTER 5 South Korea and Taiwan: An Increasingly Localized Game 135 Highly Mature Markets 138 Mismatched Book of Assets and Liabilities 139 Entrenched Position of Leading Domestic Players 140 Foreign Players Fighting to Gain Share from Local Incumbents 141 South Korea: Solid and Resilient 143 Taiwan: Darkness before Dawn? 152 CHAPTER 6 Hong Kong and Singapore: Refusing to Mature 165 Profitable and High-Growth Contributor 170 Small but Stable Market for Latecomers 171 Attractive Asian Base for Multinational Insurers 172 Hong Kong: The China Opportunity Offshore 173 Singapore: Structured and Profitable 185 CHAPTER 7 Southeast Asia: The Underappreciated Growth Engine 191 Increasing Competition between Foreign and Local Players 195 Tailored Products for Market Niches 199 Channel Upgrades to Reach More Customer Segments 200 The Future: Reaching Scale 203 Indonesia: The Next Growth Frontier 203 Vietnam: Little China? 207 Looking Forward: Major Challenges Ahead 210 CHAPTER 8 The Road Ahead: A New Paradigm for Life Insurance in Asia 213 Changing Context: A Much More Difficult and Nuanced World 213 Seven Priorities for Winners 213 Sustaining Growth in the Next Decade 222 Appendix 223 Reference Sources 223 Methodology 226 Notes 227 Index 231.