Companies such as Skandia International, Royal London 360°, Friends Provident International (FPI), Prudential and Zurich International Life have all unveiled products tailored to a specific audience.
Examples include Zurich’s launch in May of Aspire, an investment-linked annuity product only available in Taiwan; Royal London 360°’s Protected Lifestyle Lebanon; Skandia’s Spanish Collective Investment Bond; and FPI’s Optus Group Protection policy for Middle East investors.
Alongside the big players, smaller life insurance firms are also targeting more esoteric markets.
Stephen Conway, sales manager at group life and benefits insurer Global Benefits Europe, said his company has been tapping into the African market.
“We have operations now in Zimbabwe, Angola and Mozambique, which have been achieved through joint ventures with local firms,” said Conway.
“We have taken this path because we are not ‘premier division’ players, and so cannot really compete in markets like Hong Kong and Singapore.”
However, according to Bryan Low, director at Isle of Man-based cross-border financial consultancy company Acuity, one of the biggest drivers of this change is increased regulation.
“In the last few years there has been an increased pace of regulation which has required life companies to launch specific products for specific markets,” said Low.
