BMI expects difficult trading conditions to persist in many segments of Bulgaria’s consumer electronics market in 2012. The deteri

With Iran scheduled to hold talks about its nuclear programme with the P5+1 group of countries (which comprises the five UN securi

Egypt’s first presidential elections in 60 years hold the key to the country’s prospects of returning to a stable and secure footi

BMI’s Q3 Poland Defence and Security Report examines the country’s strategic position in Europe and the wider world. It provides a

The United States Insurance Report considers the prospects for both life and non-life (property & casualty and health) insurers. W

The Japan Insurance Report considers the prospects for both life and non-life (property & casualty and health) insurers. Both segm

BMI’s Croatia Defence and Security Report examines the military and security posture of this Balkans nation. The report has been w

2011 was a challenging year for Canada’s world-class life insurance segment. Low interest rates, volatile financial markets, the c

While the Arab League’s decision to hold its annual summit in the Iraqi capital Baghdad in March 2012 was intended to demonstrate

The Malaysian consumer is looking to be in better shape than its regional peers to shoulder the burden of a deteriorating external

In the first quarter of 2012, Greece averted a disorderly default in the short term as parliament backed further fiscal austerity

Although Brazil has plenty to offer to foreign investors, we highlight that the country remains a challenging market in which to i

We hold a sanguine outlook on the near-term demand prospects in Vietnam. Tight labour market conditions and waning inflationary pr

The five major Central Asian Republics of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan have commenced a subtle,

The operating environment for New Zealand’s non-life insurance segment continues to evolve in the wake of the enormous natural dis

BMI’s Malaysia Defence and Security Report examines the country’s strategic position in South East Asia and the wider region. It p

BMI View: Angola has one of the strongest economic growth outlooks in Sub-Saharan Africa, and we are unsurprisingly bullish on the

BMI View: Amid solid but unspectacular mining-led economic growth, we expect to see below-trend private consumption growth of 5.5%

BMI View: We expect robust private consumption growth in Mozambique over the course of our fiveyear forecast period to 2016. As th

BMI View: Strong private consumption growth from an already reasonably high base (Namibia is one of the wealthiest countries in Su

As Vietnam embarks on the costly process of modernising its armed forces, would-be partners from around the world have begun linin

Uganda’s defence expenditure is estimated to have risen 19.74% y-o-y in 2010, accounting for 12.9% of government spending. BMI exp

Following the crippling floods of late 2011, Thailand entered ‘recovery mode’ in early 2012, and began counting the cost of the di

Canada will spend up to US$18.5bn on defence for FY2011/12. Over the long term, the country’s defence budget is expected to grow t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Core Views The UAE's reputation as a 'safe haven' in a volatile region will continue to serve the economy well, although growth wi

Core Views Rising security concerns, both domestically amid various feuding factions and internationally between Sudan and South S

Core Views We believe the South African economy will continue its uneven recovery over the medium term, with real GDP growth forec

Core Views We expect robust growth in the years ahead, bolstered primarily by the non-oil sectors, which will benefit from burgeon

Core Views We retain our broadly sanguine outlook on Kuwait's economic prospects for 2012. Elevated global hydrocarbon prices will

Core Views: We believe that Kenyan economic activity will pick up over the course of 2012 as inflation falls and monetary policy i

Core Views Despite heightened rhetoric, we do not believe Iran’s threats to close the Strait of Hormuz are credible. Any cut-off i

Core Views Not only is real GDP growth expected to surge in 2012 as the economy recovers from the 2011 crisis, but long-term growt

Core Views We are forecasting real GDP growth in Botswana of 4.2% in 2012 and 5.4% in 2013. The solid outlook is driven by growing

Core Views Venezuela faces major political and economic uncertainty in the run-up to and immediate aftermath of the October 2012 p

Core Views The below-par but sustained US recovery continues, in line with our view that the economy would avoid a double-dip rece

Core Views We have turned cautiously optimistic regarding Mexico's growth story, bumping up our average real GDP growth forecast f

Core Views Robust economic growth will continue to be driven primarily by strong private consumption levels, with consumer-focused

Core Views Blessed with favourable demographics, a large consumer base and a wealth of natural resources, Brazil offers some of th

Core Views The economy is recovering, but with fiscal cuts looming and unemployment stubbornly high, the rate of growth will be fa

Core Views We have revised our 2012 forecast for Swiss real GDP growth. Following estimated 2011 growth of 1.9%, our significantly

Political Ratings The political ratings are an indicator of political stability, seen as a prerequisite for a stable economy and b

Core Views We still expect the Hungarian economy to contract in real GDP terms in 2012 despite the strong Q411 growth figure. All

Core Views Germany’s manufacturing base will remain weighed down by weak foreign orders, while the fragility surrounding the respo

Core Views China's real GDP came in at 8.1% year-on-year (y-o-y) and 7.2% quarter-on-quarter (q-o-q) on a seasonally adjusted basi

Core Views We have revised our 2012 growth forecast downwards and expect real GDP growth to slow from 5.0% to 2.2%, compared with

Core Views The Indian National Congress (INC) lost heavily in the country's recent state elections. The ruling United Progressive

Core Views Latest indicators continue to point towards a slowdown in economic activity over the coming months, supporting our view

Core Views Looking ahead at the next fiscal year (FY2012/13, July-June), we expect a recovery in economic growth as domestic deman

Core Views Following 2011's disappointing GDP growth of 3.7%, we estimate that the Philippine economy will bounce back only increm

Core Views We expect Bulgaria’s economic growth to be weighed down by significantly weaker aggregate demand in the eurozone and pe

Composite Rating The composite rating is an unweighted geometric mean of the short-term political and short-term economy ratings,

Core Views The outlook for Croatia's economy in 2012 remains dour and we forecast a full-year contraction of 1.5% in real terms. A

Core Views Estonia's economic growth will slow to 2.7% in 2012 in real GDP terms, from 7.6% in 2011. While this remains the strong

At first glance, Mexico appears to be a medium-sized and quite rapidly growing market for both non-life and life insurance, with p

The Croatia Insurance Report considers the prospects for both life and non-life insurers in that country. The latest statistics fr

As of April 2012, the latest data from Brazil’ s leading insurance companies (in relation to calendar 2011 and Q411) confirms our

While the instability that threatens Iraq both internally and externally has hardly abated, there were some positive signs in earl

Colombia's government continues to wage its campaign against insurgent organisations and criminal gangs involved in narcotics prod

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

The latest results, in relation to 2011, published by South Africa’s life companies highlight their strengths and competitive adva

Following the withdrawal of US forces from Iraq, which was completed on December 18 2011, the country is now contemplating the eve

Core Views The Japanese economy contracted an estimated 0.7% in 2011, and we expect growth to continue to come under threat as vol

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

The Greek defence budget is expected to experience a serious reduction of around 16% compared to 2011 figures as austerity measure

The government of Bulgaria remains focused on an armed forces modernisation initiative, which was launched to enhance compatibilit

While defence spending in much of the western world may be in the doldrums, Brazil continues to pour investment into its armed for

By the end of March 2012 it was still unclear whether the crisis surrounding Iran’s nuclear programme would reach a diplomatic or

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Thanks, in part, to the political unrest that has swept Egypt since early 2011, the insurance sector has moved from an era of grow

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

BMI View: According to the latest data released by the Central Organisation for Statistics, Iraq’s construction sector has been bo

Writing in March 2012, we remain of the view that Kenya’s insurance sector is dynamic and resilient. Although the insurance compan

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

The defence posture of Germany has been controversial domestically since the end of World War II, and little is likely to change i

Along with several other countries in the eurozone, Italy is currently in the middle of a severe financial crisis that is causing

The relationship between the Philippines and the Unites States was firmly in the spotlight in early 2012, as the US military’s Joi

Singapore took centre stage in the defence world as it held the biannual Singapore Air Show in February 2012. Now Asia’s most impo

Upon the death of North Korean leader Kim Jong Il in December 2011, the outlook for the Korean peninsula became uncertain even by

Despite the euphoria in South Sudan over independence and international recognition in mid-2011, relations between Juba and Kharto

The re-election of President Ma Ying-jeou in January 2012 was a victory for the status quo in relations between Taiwan and the Peo

The latest results and comments indicate that 2011 was a highly challenging, but not universally disastrous, year for Bahrain’s in

As of March 2012, it is clear that 2011 was not a vintage year for Oman’s small, fragmented and highly competitive insurance secto

As of March 2012, the latest results from Saudi Arabia’s listed insurance companies (in relation to 2011) highlight the weaknesses

There was a time when Vietnam was one of the new frontiers of insurance in the Asia-Pacific – but the sector has moved into a more

At first glance, South Korea looks like a typical North East Asian insurance market. High savings rates, government incentives for

We continue to rate Thailand as a medium-sized, but rapidly growing insurance market that is undergoing transition. Both segments

Compared to the other countries whose insurance sectors are profiled by BMI, Taiwan stands out for two reasons. The first is that,

As of March 2012, recent developments and the latest data serve to confirm our view that the UAE is one of the largest and most dy

In theory, Kuwait should be home to one of the Middle East’s leading insurance sectors. Thanks to energy exports, the economy has

In world terms, Singapore ranks as a medium-sized market for (re)insurance that, in spite of being well developed by most metrics,

How the Philippines’ insurance sector develops through 2012 will provide a useful indicator of overall trends in political, busine

The Spanish defence community finds itself in a similar position to many nations throughout Europe. On the one hand, Spain's gover

The first two months of 2012 has seen the internal unrest that erupted in Syria in 2011 steadily worsen, as popular uprisings agai

With what has been largely judged to be a successful military intervention in Libya under the auspices of NATO’s Operation Unified

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

France continues to maintain one of the world’s largest armed forces and the largest combined military service in Western Europe.

In announcing the selection of the Dassault Rafale as the Indian Air Force (IAF)’s new medium multirole combat aircraft (MMRCA) at

In an announcement that could have far-reaching implications for South East Asia’s strategic landscape, Defence Minister Purnomo Y

Prime Minister Yoshihiko Noda visited Okinawa in late February 2012 amid hopes that a long-running controversy over the basing of

Political turmoil, fragile security and tense relations with both Afghanistan and the United States meant that early 2012 was as u

As of early 2012, the data published by Bimeh Markazi Iran, the insurance regulator, suggests that total premiums increased by 27%

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

As of early 2012, the short-term outlook for India’s life segment continues to be dominated by rules, / introduced by the Insuranc

We remain of the view that Indonesia is one of the most exciting markets for life insurance globally. By / most standards, it is l

In a move that has the potential to change the strategic picture in the Asia Pacific region, Australia and / the US agreed in Nove

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

China faced two potentially serious internal challenges to its stability in early 2012. A village uprising in / Wukan, Guangdong,

Libya emerged, for all intents and purposes, as a new country following the death of its former leader / Colonel Muammar Qadhafi o

The acquittal of Anwar Ibrahim, the leader of opposition coalition Pakatan Rakyat (PR), on politically / inspired sodomy charges i

South Africa’s defence force remains the most advanced on the continent and operates with a consistent / focus on training and red

Turkey continues to face security challenges both at home and abroad; a trend which looks set to persist / throughout 2012. Turkis

Having navigated its way through the turmoil of the Arab Spring with less difficulty than perhaps any / other Arab government, the

At a first glance, the Czech Republic appears to be a medium-sized market for insurance that is growing / only moderately and that

As of early 2012, Hong Kong’s insurance sector continues to stand out – relative to others that are / surveyed by BMI – for its st

As of February 2012, it appears appropriate to describe Hungary’s insurance sector as being resilient in / the face of adverse dev

In the context of Central and Eastern Europe, Poland is often seen as the insurance market that is ‘too / large to ignore.’ Aside

Among the national insurance sectors that are profiled by BMI, Romania’s is unusual in that it is / shrinking by several metrics,

By the standards of its peers in Central and Eastern Europe, Slovakia’s insurance sector is a relatively / small market opportunit

The financial reports of insurance market leader Triglav – the listed, but still majority state-owned / composite and health insur

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / we survey. We do this throu

Commercial Banking Business Environment Rating Methodology / / Since Q108, we have described numerically the banking business env

Commercial Banking Business Environment Rating Methodology / / Since Q108, we have described numerically the banking business env

Commercial Banking Business Environment Rating Methodology / Since Q108, we have described numerically the banking business enviro

Commercial Banking Business Environment Rating Methodology / / Since Q108, we have described numerically the banking business env

Commercial Banking Business Environment Rating Methodology / Since Q108, we have described numerically the banking business enviro

Commercial Banking Business Environment Rating Methodology / Since Q108, we have described numerically the banking business enviro

Commercial Banking Business Environment Rating Methodology / / Since Q108, we have described numerically the banking business env

Commercial Banking Business Environment Rating Methodology / / Since Q108, we have described numerically the banking business env

Commercial Banking Business Environment Rating Methodology / / Since Q108, we have described numerically the banking business env

Commercial Banking Business Environment Rating Methodology / / Since Q108, we have described numerically the banking business env

Commercial Banking Business Environment Rating Methodology / / Since Q108, we have described numerically the banking business env

Commercial Banking Business Environment Rating Methodology / / Since Q108, we have described numerically the banking business env

Commercial Banking Business Environment Rating Methodology / Since Q108, we have described numerically the banking business enviro

The influence of the Arab Spring spread to Kuwait in late 2011, as protests that began in September / culminated in the storming o

Romania is continuing its process of defence modernisation despite the financial challenges that the / country is currently facing

Russia has embarked on a long-term modernisation programme for its armed forces which is due to / conclude by 2020. Apart from per

The legacy of the Arab Spring continued to weigh heavily on the Saudi Arabian government in early / 2012, as tensions remained hig

Key Insights And Key Risks / / As of late January 2012, the latest data that has been published by Bulgaria’s insurance regulator

Key Insights And Key Risks / As of early 2012, the situation and prospects of Greece’s insurance sector remains, like much of the

Key Insights And Key Risks / At first glance, Russia’s insurance sector is one of the most exciting of any that is profiled by BMI

Israel faces a security crisis in 2012 over Iran’s nuclear programme, and more specifically in deciding whether to attack Iran in

For much of the last decade, the main themes in Argentina’s insurance sector have remained the same. Some are positive. The absol

The Islamic Republic of Iran was at the centre of the world’s most pressing security crisis in early 2012, as Tehran refused to b

Uganda’s defence expenditure is estimated to have risen 37.21% y-o-y in 2010, accounting for 12.9% of government spending. BMI exp

Thailand was thrown into disarray in late 2011 not, as many had predicted, by its dysfunctional politics but by the forces of natu

BMI estimates that Canada’s defence spending totalled US$20.89bn in 2010, or US$614 per capita. Overall, this was an 8.6% increase

The Government of Bulgaria remains focused on an armed forces modernisation initiative, which was launched to enhance compatibilit

As 2011 unfolded, the US defence industry became increasingly disturbed at the scope of spending cuts that could have a significan

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Europe On The Brink The biggest risk to the global commercial banking sector remains the European crisis, with the worst-case scen

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

If security fears dominated Vietnam’s strategic attention in the middle of 2011, economic fears had supplanted them by the end of

As Brazil’s President Dilma Rousseff completes her first full year in power, the country shows every sign of retaining its place a

The Greek government has announced another round of spending cuts, with the axe falling heavily on defence spending once again. On

Following the death of North Korean leader Kim Jong Il, the Korean peninsula appears to be in a state of calm as both North and So

There has been slow progress in relations between the governments of Juba and Khartoum since our last update with unstable relatio

The Arab Spring in early 2011 hit Bahrain far harder than any of the other Gulf Cooperation Council (GCC) countries – and was a di

As of December 2011, it appears that the political unrest that has swept Egypt since early 2011 is unlikely to have a lasting impa

Iran’s insurance sector has a number of strengths, including scale in terms of gross written premiums per annum. Bimeh Iran, the l

Insights And Key Risks / The long-term achievements of the various protagonists – the trade association, the regulator and the in

In theory, Kuwait should be home to one of the Middle East’s leading insurance sectors. Thanks to energy exports, the economy has

Oman’s insurance sector does not compare favourably with its peers in other Gulf Cooperation Council (GCC) countries. Twenty-one c

There are many positive features of Saudi Arabia’s insurance sector. By the standards of most developing countries, it is already

The latest results published by South Africa’s leading insurance companies in late 2011, in relation to the first nine months of t

The UAE ranks as one of the larger and more dynamic of the insurance markets of the Middle East and North Africa. Over the long-te

In late October 2011 France concluded its support of NATO military operations over Libya and around the country’s coastline, follo

The eurozone debt crisis has continued to roll on, posing a major challenge for the German government. While domestically any move

Defence spending is being severely impacted by the scale of Italy’s economic crisis and the resultant austerity measures. In Augus

The outcome of presidential elections in January 2012 will set the tone of cross-strait relations for the next few years. / While

This is BMI’s inaugural report on the insurance sector of Japan. In spite of the ongoing stagnation of the Japanese economy, and t

In face of the political and economic challenges faced by the Philippines over the last four decades, the insurance sector has sho

Pakistan’s profound security and political problems, together with the widespread poverty of many of its / households, have const

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do thi

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do thi

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do thi

Europe On The Brink / The biggest risk to the global commercial banking sector remains the European crisis, with the worst-case s

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do thi

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do thi

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do thi

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do thi

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do thi

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do thi

In 2011 India began to realise its potential as the world’s most important emerging market for defence / equipment, announcing a

Indonesia found itself at the heart of Asian – if not world – diplomacy in November 2011, as Bali played / host to back-to-back g

With Libyan leader Colonel Muammar Qadhafi now dead, and the rebel Transitional National Council / (TNC) now the de facto governm

The Spanish defence industry is seeing an increasing spending squeeze, in line with general budgetary trimming and austerity measu

Syria continues to crack down brutally on anti-regime protesters with the most recent (July 2011) assaults / on Hama and the east

The UK’s defence budget cuts, announced in 2010 as part of a wider policy of fiscal retrenchment to / address the country’s defic

Bosnia is still without a government, despite parliamentary elections having taken place in October / 2011,with the country showi

In 2011 BMI estimates that defence spending fell by 1.12% in Jordanian dinar terms, to JOD1.01bn. This / fall is viewed as tempor

Over the course of 2011, two significant trends have lent themselves to a renewed interest in the activities / of North Korea, an

In 2012 BMI expects a significant rise in dollar spending on the Ukrainian defence forces – up to / US$4.65bn from 2011’s figure

Although it is yet to be seen what effect (if any) the killing of Libyan leader Muammar Gaddafi by antigovernment / militants wil

The United Arab Emirates (UAE) has maintained political and economic stability in a region fraught with / turbulence. High living

As of November 2011, it is reasonable to use the words ‘boom’ and ‘bonanza’ in relation to the insurance / businesses of some of

Like most of its peers in Central and Eastern Europe, Croatia could be described as an insurance market / that is small and stagn

Regulations (and tax) pose more of a constraint on the insurance sector of India than on its peers in other / countries. In Q411,

In world terms, Singapore ranks as a medium-sized market for (re)insurance that, in spite of being well / developed by most metri

At first glance, South Korea looks like a typical North East Asian insurance market. High savings rates, / government incentives

The past development of Taiwan’s insurance sector reflects a combination of factors. Like much of East / and South East Asia, Tai

By most standards, Thailand would rate as a medium-sized but rapidly growing insurance market that is / undergoing transition. Fo

In the context of Southeast Asia and generally, Vietnam stands out as a small and under-developed / insurance market that is grow

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

China's relations with neighbouring countries, especially those with which it disputes territories in the South China Sea, dominat

Australia's increasingly close defence and security ties with the United States dominated the debate about the country's strategic

Hong Kong's insurance sector remains one of the strongest and most dynamic of any that is surveyed by BMI. This is not just becaus

Indonesia is one of the few countries in the world where what is already a quite large national market for life insurance is growi

On balance, we would describe Malaysia's insurance sector as one where the excitement -- in the trade press and corporate press re

In 2011 BMI estimates that the Belarusian government will have a defence expenditure of US$692mn. This is down significantly by 2

The Slovenian defence budget for 2010 was EUR557mn (US$738mn). This marked a 9% drop compared with 2009’s EUR612mn budget, as the

In many ways, Bulgaria remains an archetypal Central and Eastern European insurance market – albeit one that is (very) underdevel

Taking a five-year view, it will be amazing if the fragmented competitive landscape of Hungary’s insurance sector is not substant

Among the countries that have joined the EU over the last 10 years, Poland has often been seen as the country that is too large t

It is a good thing that Romania’s insurance sector is dominated by subsidiaries of well-capitalised multinationals that have acces

By the standards of its peers in Central and Eastern Europe, Slovakia’s insurance sector is a relatively small market opportunity

Slovenia’s insurance sector differs from its peers in the rest of Central and Eastern Europe in a number of respects. One is that,

The ‘Arab Spring’ – which has involved a civil war in Libya, serious unrest in Tunisia and mounting political tensions and risk in

Once an anchor of stability in South East Asia, Malaysia’s increasingly uncertain political landscape places domestic factors at t

Regional stability looks precarious as Saudi Arabia competes with Iran over Gulf dominance, following events that saw regime chang

Turkey is facing increased security risks: externally from the Syrian crackdown on protesters in the country; and, domestically fr

Over the years that BMI has been monitoring the Nigerian insurance sector, the story has remained the same even as premiums (appea

New Zealand’s insurance sector would stand out as being unusual even in the absence of the effects of the earthquake on February 2

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

At first glance, Romania’s security and defence situation appears very similar to that of neighbouring countries in south eastern

According to data published by Deputy Prime Minister Sergei Ivanov, Russia’s military-industrial complex increased its total produ

Egypt is heading into what can arguably be considered the most critical stage of its post-Mubarak democratic transition, as parlia

Iran has a domestic defence industry that provides the country with particularly good ballistic missile technology and facilities.

Much of the attention on Iraq in H211 and going into 2012, will focus on the agreed withdrawal of the remaining 46,000 US military

While the Arab Spring has raised hopes for a new more democratic and more peaceful Middle East for many in Israel, the overthrow o

Over the last quarter, Kuwait shifted slightly further away from its status as being one of the countries in the region most insul

Over the last two years, a recurrent theme in BMI’s reports on Canada’s insurance sector has been its strength in global terms. In

Russia’s insurance sector is one that is large in absolute terms and compared to its peers in other countries in the region. It is

The second half of 2011 has not been a vintage period for any of the major segments of the massive US insurance sector. Insurers o

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have numerically described the banking business environment for each of the countries surveyed by BMI. We do this t

?? At first glance, Argentina looks like a medium-sized - but rapidly growing - insurance market, which is open to entry by any m

At first glance, it is obvious that many of the weaknesses that are common to (almost) all the national insurance markets of the M

Turkey’s insurance sector is unusual in the context of Central and Eastern Europe – and, indeed, the Middle East – in that it is b

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

BMI estimates that defence spending totalled US$1,080m in 2011, equal to 5.4% of overall government expenditure and 2.3% of GDP. T

Venezuela’s relationship with Russia under President Hugo Chávez’s regime again proved to be a fruitful one for the country’s defe

?? For the world’s insurers, Brazil is bonanza territory. It is a large insurance market in absolute terms; the results from the v

As of November 2011, the current situation and prospects of Greece’s insurance sector continues, like most other aspects of the ec

A casual glance at Australia’s insurance sector suggests that, relative to others in the Asia-Pacific (specifically Northeast Asia

As a regional market for insurance, the Caribbean remains something of a backwater, notwithstanding that the combined population o

Israel’s complex geo-political history is reflected in the structure of the insurance sector. Although the trade associations iden

The past quarter has been a significant one for Brazil’s defence and security sector. Eager to make her mark having only come to p

In October 2011 it does not appear that the security issues – or the overall situation of Bulgaria’s defence industry – have chang

In our last update, we noted that the October 2011 regional elections taking place in Colombia may prove to be a key turning point

In terms of the main defence and security issues, Croatia has much in common with other countries in south eastern Europe. An aspi

In very general terms, the security situation across central Asia remained unchanged through mid-2011. Each of the five countries

Poland’s Presidency of the European Union (EU) through H211 should provide the opportunity for the government to promote four majo

The Argentine defence sector did not see any major shocks over 2011. Tensions continue to grow between the UK and Argentina concer

Chile’s transition to a centre-right government led by Sebastián Piñera during the 2009-2010 elections indicated the continuing gr

In 2011, BMI foresees defence expenditure will stand at 1.22% of GDP, a figure which we see being the high point of spending for s

Mexico’s defence and security sector was teetering on the edge of a potential overhaul in late 2011, with the nature of defence sp

In terms of Slovakia’s defence industry, the picture has remained largely unchanged despite an unexpected though very temporary sp

Estonia is par excellence an example of a Central and Eastern European country where the vast majority of players in the insurance

In global terms, Germany has a clear competitive advantage as a provider of insurance solutions. This has developed over the long-

In past years, we have described Kazakhstan’s insurance sector as being ‘idiosyncratic’. This, in our view, remains a fair descrip

In the context of the Middle East & North Africa (MENA), Qatar’s insurance sector stands out for three reasons. First, the spectac

At first glance, Serbia appears to be an unexciting and unpromising market for insurance. In absolute terms, it is small. Non-life

Ukraine’s insurance sector enjoys few of the strengths of its counterpart in Russia and all of the weaknesses. As a result of a va

2011 will forever be seen as a challenging year for the UK’s insurance sector. Collectively, underwriters of risks through Lloyd’s

The Spanish defence industry is witnessing an increasing squeeze on spending, in line with general budgetary trimming and austeri

South Africa’s defence force remains the most advanced on the continent and operates with a consistent focus on training and rede

Singapore’s military recruitment strategy is similar to that of Israel, owing to its small population and relatively high defence

While the Philippines enjoys relative regional security it faces significant internal threats, mainly through Islamic groups in t

Pakistan and the US continue to deal with the fall-out of the killing of Osama bin Laden with claims that Pakistan has allowed Ch

The Greek government has announced another round of spending cuts, with the axe falling heavily on defence spending once again. O

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Australia’s prominent role in the South Pacific region remains important but local foreign policy has been somewhat neglected with

The Indian military formalised its Long Term Integrated Perspective Plan 2012–2027 (LTIPP) in February 2011 – entailing its commit

Instability in Papua currently poses the greatest threat to Indonesia’s security, with the province experiencing widespread violen

The publication of Japan’s defence white paper for 2011 angered Beijing for its focus on the ‘China threat’ theory which Tokyo use

The UK’s defence budget cuts, announced in 2010 as part of a wider policy of fiscal retrenchment to address the country’s deficit,

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since March 2011, France, along with several other NATO members and allied nations, has performed air strikes and naval operations

?? Even though life density exceeds US$3,000 per capita, Hong Kong’s life segment continues to boom. There is no reason why this c

?? With well over 300mn life policies in force, substantial premiums and double-digit growth in both segments, India’s insurance s

?? The growth of the life segment over the last five years or so has been extraordinary and shows no sign of slowing. / ?? The s

?? Although it is more mature than several of the other insurance markets in the region, Malaysia continues to achieve steady grow

?? The Philippines is home to a small and grossly underdeveloped insurance sector that has clear potential to grow. This is the ca

The insurance sector has been a major beneficiary of efforts to promote Singapore as the regional financial services hub of South

Poland’s Presidency of the European Union (EU) through H211 should provide the opportunity for the government to promote four majo

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Commercial Banking Business Environment Rating Methodology Since Q108, we have described numerically the banking business environm

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

With Libyan rebels having taken control of large parts of Tripoli on August 21, it is now only a matter of time before Colonel Mua

South Africa’s defence force remains the most advanced on the continent and operates with a consistent focus on training and redev

Syria continues to crack down brutally on anti-regime protesters with the most recent (July 2011) assaults on Hama and the eastern

Turkey is facing increased security risks: externally from the Syrian crackdown on protesters in the country; and, domestically fr

The United Arab Emirates (UAE) has shown continued political and economic stability in a region fraught with turbulence. High livi

Over the last two years, a recurrent theme in BMI’s reports on Canada’s insurance sector has been its strength in global terms. In

?? China is likely to remain bonanza territory in terms of its absolute size and growth potential. / ?? The key driver of the lif

?? The most pressing issue is the magnitude of the claims costs relating to the September 2010, February 2011 and June 2011 earthq

At the time of writing, it is difficult not to be optimistic about the current situation and short-term prospects of the US insura

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since February 2011, when it assumed power, the transitional government of Egypt – the Supreme Council of the Armed Forces (SCAF)

Iran has a domestic defence industry which provides the country with particularly good ballistic missile technology and facilities

Much of the attention on Iraq in H211 will focus on the agreed withdrawal of the remaining 46,000 US military forces in the countr

Security in Israel is dominated by the situation in Gaza. In the first three weeks of July 2011, 15 rockets were launched into Gaz

Kuwait has not been immune to the escalating political upheaval in the Middle East region despite being one of the countries in th

Regional stability looks precarious as Saudi Arabia competes with Iran over Gulf dominance amid the increasingly turbulent Middle

* At first glance, Argentina looks like a medium-sized but rapidly growing insurance market that is open to entry by any multinati

* For the world’s insurers, Brazil is bonanza territory. It is a large insurance market in absolute terms. The results from the va

* By virtually all metrics, Bulgaria’s insurance sector is small and underdeveloped. It will still be so at the end of the forecas

* Data from the Croatian Financial Services Supervisory Agency (HANFA) show that in the first five months of 2011, Croatia’s insur

* The Czech life insurance segment is the only one in Central and Eastern Europe that is both reasonably large and rapidly growing

* The overall insurance sector remains quite resilient in the face of Greece’s alarming financial, economic and political problems

* On balance, Mexico’s proximity to the US is a challenge rather than an opportunity for its insurance sector, as well as financia

According to data published by Deputy Prime Minister Sergei Ivanov, Russia’s military-industrial complex increased its total produ

At first glance, Romania’s security and defence situation appears very similar to that of neighbouring countries in south eastern

The Canadian defence industry and market is still in a state of flux, with massive changes and development likely in the wake of t

It remains to be seen whether the three months to the regional elections that are due to take place in Colombia in October 2011 tu

In very general terms, the security situation across central Asia remained unchanged through mid-2011. Each of the five countries

It remains to be seen what will be the impact on the sector of the political upheaval.* Life insurance in particular was growing r

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

As President Yoweri Museveni’s government appeared to have successfully weathered demonstrations through Q211, BMI expects Uganda’

The US defence market is emerging from the boom years, as there is growing consensus over the need to control spending as deficits

Most of the newsflow pertaining to defence and security issues in Brazil through mid-2011 have confirmed that the various major tr

In mid-July 2011, it does not appear that the security issues – or the overall situation of Bulgaria’s defence industry – have cha

The insurance sector of Kuwait will continue to grow quite rapidly but this is due to the expansion of the economy and the populat

?? Oman’s insurance sector is small, crowded, fragmented and not rapidly growing. / ?? Conditions have been challenging for many

?? The continuing expansion of the Saudi economy should underpin the steady growth of the insurance sector. / ?? However, the mai

?? South Africa’s insurance segment stands out for its absolute size, sophistication and, in the life segment at least, potential

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

?? For all the success of the Central Bank of Bahrain (CBB) in promoting the development of financial services, the insurance sect

.. Iran’s insurance sector is substantial and has shown that it can develop, if not thrive, despite the lack of access to global m

Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this through

As the German economy continues to surge forward, leaving other European and developed world economies behind, the German governme

The Greek government faced another descent into chaos in early June as the fifth tranche of IMF/EU loans looked likely to be block

The Italian defence sector is still facing similar pressures to those of many other EU countries. Ongoing economic troubles – incl

BMI expects defence spending in Sudan to rise further in 2011, with a forecast expenditure of US$3.1bn for the year as steady expe

Vietnam has accused China of raising political tensions in the region following a territorial dispute in the South China Sea in Ma

?? For the time being, Thailand’s insurance sector appears to be booming. Life insurance premiums could rise by almost 20% this ye

?? The continuing expansion of UAE’s economy should underpin the steady growth of the insurance sector. However, it is not clear w

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

With a military budget second only to the United States, China has developed a strategy for the future and is working towards it d

The Indian security situation is coming to a fork in the road. The death of Osama Bin Laden and the slowing of Chinese growth coul

The Indonesian arms trade is currently diversifying from its traditional partners and patterns to incorporate greater breadth in c

Japan’s security position has remained almost unchanged for quite some time and there seems no likelihood that it will change in t

There is a small and developing defence industry in Malaysia, specialising in explosives, small arms manufacture and shipbuilding.

Singapore’s military recruitment strategy is similar to that of Israel, owing to its small population and relatively high defence

Tensions on the Korean peninsula remain heightened and North Korea is likely to carry out more provocations in the region over the

The Spanish defence industry is likely to experience the same pressures affecting that of many of its European partners. As develo

Taiwan enjoys strong economic ties with China and a close political relationship with the United States. Officially a ‘province’,

Thai general elections will be held on July 3 2011 with the United Front for Democracy Against Dictatorship (UDD) party (also know

The outlook for the British defence industry is largely unchanged from previous quarters. Significant pressure is still set to be

?? The growth of the life segment over the last five years or so has been extraordinary. It shows no sign of slowing. / ?? The gr

?? Although it is more mature than several of the other insurance markets in the region, Malaysia continues to achieve steady grow

?? At a time of fairly low interest rates and mixed conditions in financial markets, life insurance has been seen by Singapore hou

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Australia continues to assume its role as a strong regional power, exerting diplomatic power on the global stage and maintaining s

France and the UK have announced that they are deploying ground attack helicopters in Libya to tackle the armed forces of the gove

Pakistan's long-documented governance deficiency continues to aid the endurance of Islamist militancy. On April 5 2011, a report d

Despite an announcement by Chinese Defence Minister Liang Guanglie that China ‘never intends to threaten any nation’, in relation

?? China is likely to remain bonanza territory in terms of its absolute size and growth potential. ?? The key driver of the life s

?? With over 300mn life policies in force, substantial premiums and double-digit growth in both segments, India’s insurance sector

The Philippines is home to a small and (grossly) under-developed insurance sector that has clear potential to grow. This is the ca

?? The insurance sector is showing signs of growth, with the life and non-life segments increasing this year. / ?? Published resu

?? The largest South Korean insurers have the scale and financial strength that would make them titans by the standards of virtual

?? The track record of Taiwan’s life insurers suggests that what is, by any standard, a massive and well-developed life segment ca

Even though life density exceeds US$3,000 per capita, Hong Kong’s life segment continues to boom. There is no reason why this cann

?? The overall insurance sector remains fairly resilient but is very sensitive to changes in regulations that affect companies’ ab

?? The government has intervened to save many households in Christchurch from losing not only their homes but their insurance cove

?? Russia’s insurance sector is underdeveloped but growing. It is highly fragmented, with a continually decreasing number of insur

?? Modest growth in line with GDP is expected for the life and non-life sectors. ?? Local companies are establishing themselves in

?? The US insurance sector remains in recovery mode. The global financial crisis that reached its climax in late 2008 hit a non-li

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

?? The overall insurance sector remains positive and growing, benefiting from Brazil’s healthy, stable economic environment. / ?

Over the last two years, a recurrent theme in BMI’s reports on Canada’s insurance sector has been its strength in global terms. Th

The overall insurance sector remains reasonably resilient despite the weak economic conditions and outlook. / ?? Nonetheless, th

The insurance sector has now emerged from the global financial crisis and appears set to resume its previous growth path. / ?? A

?? The overall insurance sector remains quite resilient in the face of Greece’s alarming financial, economic and political problem

?? Penetration levels in the life and non-life segments are modest, suggesting room for expansion. / ?? The industry trade associ

?? The main market drivers are the improving economy, rising income levels and a growing demand for health insurance. The most lik

?? The insurance sector has shown resilience in the face of an influx of new companies and new policies. / ?? Premium income is

?? With a population of just 5.4 million, the Slovakian insurance market is relatively small. / ?? The life segment was actually

Of the 28 NATO members, Turkey has the second largest armed forces, behind only the US. This is primarily due to its geopolitical

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Israel’s consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets and AV prod

Iran’s current defence minister Brigadier General Ahmad Vahidi talked in regional media in April 2011 about how important upgradin

South Africa’s defence force remains the most advanced on the continent and operates with a consistent focus on training and redev

Syria is in a delicate position in the Middle East, involved in countless disputes and largely unsupported by its neighbours. The

Regardless of the looming clouds on the horizon stemming from the political crisis in the Middle East and North Africa (MENA), the

?? Robust recovery in the wider economy promises potential upside for the insurance sector. ?? Stabilisation of life premiums is l

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Egypt is undergoing dramatic political change, with ex-President Mubarak being ousted by millions of protesters and replaced by a

Iraq has almost no indigenous defence industry and relies greatly on the support of the US, UK and other allies to provide and fun

Since the cessation of Operation Cast Lead in January 2009, the number of rockets fired into southern Israel from Gaza has been la

At the time of writing (late April 2011), the civil war in Libya continues. Colonel Muammar Qadhafi still holds some key populatio

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Commercial Banking Business Environment Rating Methodology Since Q108, we have described numerically the banking business environm

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Commercial Banking Business Environment Rating Methodology Since Q108, we have described numerically the banking business environm

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

The defence industry and security position in Croatia both remain virtually static. The good news is that the country faces no rea

A tight government budget and pressure to modernise have strained the newly formed top-level administration of the Polish Military

On March 18 2011, defence minister Anatoly Serdyukov announced that the Defence Ministry will spend US$665bn on a new state arms p

Continuing violence and instability, combined with the unresolved conflict in Darfur, has resulted in increased demand for weaponr

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

The outlook for the defence sector in all five countries comprising Central Asia remains relatively stable. An antiquated defence

Kuwait’s defence industry has seen another healthy quarter, with GDP increasing and the government’s development plan taking effec

Writing in March 2011, data for 2009 is based on actual data and estimates for 2010 have been amended in order to take into accoun

BMI View: China's 12th Five Year Plan, announced by Premier Wen Jiabao, contained few surprises. / The bulk of the targets set out

Core Views: / Owing to favourable base effects, increased investment and a stronger business environment, we see the French econo

Core View: / Thailand’s real GDP growth will moderate in 2011 as the inventory restocking cycle starts to wind down. A robust lab

BMI forecasts that Italy’s defence expenditure will reach EUR27.42bn in 2011, up 3.3% from EUR26.54bn in 2010. Per capita defence

Our forecasts remain unchanged for the quarter. Greek defence expenditure fell 5.66% to EUR8.4bn in 2010, according to BMI estimat

The German economy has weathered the recession better than any other in Europe, with many now believing that the German economic m

India maintains a substantial defence force. Like most countries, it scaled back the size of its military with the ending of the C

The tough reforms pushed through by Prime Minister Zapatero over the course of 2010 may well have saved Spain the same humiliation

Malaysia's Q310 real GDP growth of 5.3% y-o-y was largely in line with our expectations, supporting our full-year forecast of 6.4%

The UK defence industry is set for a difficult 2011, as the government's austerity programme begins to impact on existing and pote

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Pakistan remains an unstable ‘hotspot’ with revelations revealed by Wikileaks website in late November 2010 that a number of US di

The Philippines faces a number of security and political challenges. Given the low income levels and high levels of inequality in

An agreement between Singapore and Malaysia in 2010 has laid the foundations for further strategic alliances within the region. Ma

Tensions with North Korea have continued to define the security outlook in South Korea this quarter. Following a series of violent

In theory, Taiwan remains a renegade province of China that is separate from the mainland, with its position guaranteed by its own

On March 19 2011 a coalition of forces from several nations, including the US, launched airstrikes on Libya, ostensibly to enforce

In 2004 and then again in 2009, Indonesia held fair and peaceful parliamentary and presidential elections. There is now finally ev

Japanese Prime Minister Naoto Kan's position is looking increasingly untenable and we believe that he could be forced to leave off

The insurance sector in Iran is estimated to write over US$5,000mn in premiums annually – equal to around 1.2% of GDP – and is hom

Kuwait’s insurance sector currently resides as somewhat of a regional backwater. BMI’s political and economic outlooks point towar

Oman’s insurance sector has developed rapidly over recent quarters both from a regional and global perspective. The sale of ONIC H

From the point of view of multinational insurers that are looking to expand into Gulf Cooperation Council (GCC) countries, Saudi A

Writing in April 2011, we see that the insurance sector of South Africa is experiencing change, development in maturity and consol

Writing in April 2011, we see that the UAE’s insurance sector continues to develop in the wake of the global financial crisis’ sev

Australia saw real GDP growth slow in 2010, expanding by just 0.2% quarter-on-quarter (seasonally adjusted) in Q310. Our expectati

The Chinese economy cooled down through 2010, particularly from declining growth in exports and less fixed-asset investment. Our l

A major aim of France’s industrial and foreign policy is to enhance its military ties with a range of foreign countries, both to b

Bahrain occupies a unique role in the Middle East and the small island state with relatively few natural resources the city has ma

Egypt is undergoing a dramatic political shift after unprecedented demonstrations pushed Hosni Mubarak out of office in February 2

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Writing in March 2011, data for 2009 is actual and projections for 2010 have been updated take into account of results for H110 th

Turkey’s defence outlook is hugely influenced by its unique geographical location and historically diverse political allegiances.

Following a general trend in the Gulf Co-operation Countries, the United Arab Emirates (UAE) has been ramping up its military defe

Writing in March 2011, figures for 2009 are now actual data sourced from company reports and insurance regulators in the country.

Singapore enjoyed a sustained economic recovery in 2010 AND this is expected to continue in 2011 as private consumption continues

Writing in March 2011 we have been able to include final data for fiscal 2009 (ie: the year to March 31 2010) and numbers publishe

Writing in March 2011, data for 2009 is all actual data and our estimates for 2010 has been adjusted in order to take into account

BMI believes that 2011 will be the year that the Romanian port of Constantza begins it recovery. According to our predictions (ful

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Syria is a player in several of the Middle East’s disputes and this puts it at risk of retaliatory action. On the other hand, none

BMI expects to see strong growth and continued investment in the Brazilian freight transport sector in Q211. Growth will continue

BMI View: Following elections in October 2010, the centre-right Civic Democrat party (ODS) formed a coalition with the right-wing

The Hungarian economy will experience a recovery in 2011, but it will not be plain sailing. BMI continues to see two big structura

Global freight transport levels have continued their recovery from the economic downturn and are increasing across the world. The

In this report, we have been able to include final data for 2009 and to amend estimates for 2010 in order to take into account of

Writing in February 2011, actual final data for 2009 is included and estimates for 2010 have been amended in order to take into ac

In this report, actual data is used for 2009 and estimates for 2010 have been update to allow for the latest company reports and d

Writing in early 2011, the industry regulator, Superintendencia de Seguros de la Nación (SSN) tells us that the sector took total

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

The outlook for the defence sector in all five countries comprising Central Asia remains relatively stable. An antiquated defence

President Juan Manuel Santos took over from Álvaro Uribe after the election in August 2010. President Santos is expected to capita

The prognosis for Croatia’s accession to the EU is no clearer this quarter and this continues to hinder the outlook for the defenc

The political landscape in Israel continues its fragile balancing act of progressing the resolution of external issues while tryin

Russian defence policy and military doctrine is defined by the State Programme of Armaments (GPV- 2015), published in 2010. Russia

The largest ever arms deal between Saudi Arabia and the US looks set to cement the two countries’ relationship. The proposed US$60

South Africa maintains an all-volunteer set of armed forces, which represent the best-equipped and most advanced military on the A

Libya’s descent into virtual civil war in mid-February 2011 is the biggest shake-up to the country’s political environment since C

Writing in February 2011, this report uses actual published 2009 numbers. Also on the basis of figures published by the Polish Fin

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

As new President Dilma Rousseff takes office – with a mandate to continue her predecessor's policy trajectory – her administration

East-West relations between Russia and the EU continue to dominate Bulgaria’s security landscape. A tough stance by Prime Minister

As we went to press in February 2011, Egypt was on the cusp of dramatic political change, with President Hosni Mubarak, in power s

Prestige, and its self image as a regional leader, underlies much that the Iranian regime does. Persia was a great power in ancien

The coming year is likely to herald significant developments in Iraq as the withdrawal of the remaining 50,000 US troops, schedule

The defence industry in Kuwait continues to strengthen. Defence arrangements with other Arab states saw significant progress, most

Poland has been rebuilding its top level military administration following the deaths of many of its leaders in the presidential p

Moving into 2011, Romania’s Defence industry continues to show tentative signs of growth. This is despite a confusing political si

Writing in February 2001, we now have actual data for 2009. Using this as the base we estimate total premiums of HUF894,969mn for

Insights On Romania’s Insurance Sector Writing in February 2011, we have been able to ensure that the report includes actual data

Writing in February 2011, 2009 data is actual and sourced from the Federal Service for Insurance Supervision (FSIS). Total premium

Writing in February 2011, we have been able to ensure that the report includes actual data for 2009. On the basis of data made ava

Writing in February 2011, the figures for 2009 are now actual published data sourced from the Slovenian Insurance Association (SZZ

The Challenge Of Rising Commodity Prices / A combination of improving economic growth, loose / monetary policy, and supply-side co

Writing in early 2011, we can look back on a challenging but not disastrous 2010 for Croatia’s insurance sector. Croatia’s insuran

Writing in February 2011, the strength of the Canadian insurance sector continues to be clear, particularly in terms of the scale

China’s insurance sector stands out from other countries’ in a number of respects. An obvious feature is a result of the populatio

New Zealand’s life insurance sector in particular is underdeveloped. Life penetration in the country (ie: premiums per capita) is

The US insurance sector accounts for about a quarter of total premiums written by non-life and life companies worldwide. Approxima

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

BMI estimates that Canada’s defence spending totalled US$20.734bn in 2010, or US$607 per capita. Overall, this was a 7.7% increase

In 2010, as fiscal austerity measures bit deep into the Greek budget, defence expenditure fell 12.1% to EUR8.3bn, according to BMI

BMI estimates that US defence spending totalled US498.729bn in 2010, by some way the biggest defence budget in the world. However,

Writing in January 2011, we estimate that total premiums in the Brazilian insurance industry amounted to BRL178,671mn in 2010. Thi

Writing in early 2011, we have been able to look back on another tough year for Bulgaria. After three years of healthy growth betw

Writing in EARLY 2011, the most recent available data, released in October 2010 by the Czech Insurance Association (CAP), show us

Writing in early 2011, our view of the persistently low non-life penetration rate and stubbornly low life density level in Greece

Writing in January 2011, we can see that premiums continued to increase at a slower rate in Mexico than in other Latin American ma

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

BMI estimates that Sudanese defence expenditure rose by 36.18% in 2010 to US$3.308bn, from US$2.469bn in 2009. This took defence s

Iran is home to an insurance sector that writes over US$5,000mn in premiums annually – equal to around 1.2% of GDP – and several o

Kuwait’s insurance sector is one in which much needs to change if the country is to shake its status as something of an industry b

Oman’s insurance sector is small but rapidly growing in global and regional terms with an embryonic life segment. In our last repo

But for the underdevelopment of the life segment, Saudi Arabia would be the most attractive prospect for international insurance c

South Africa’s insurance companies continued to face a number of challenges in 2010. For the industry as a whole, but especially t

The development of the UAE – particularly Dubai – as a regional hub for insurance and other financial services will likely be comp

Are The Good Times Gone For Good? / T he Q2 2011 United Arab Emirates Business Forecast Report highlights the major challenges an

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

In 2010, BMI estimates that Uganda’s defence spending totalled US$450mn, up 37.21% from US$328mn in 2009. Per capita spending is s

Overall, 2010 was a year in which the general trends within Taiwan’s security situation and Defence and Security Report 2011 indus

In December 2010, it appeared that the security situation in Thailand was improving. The six-month anniversary of the government’s

On August 17 2010, Vietnam and the US held Defence and Security Report 2011 talks for the first time. Vietnam’s deputy Defence and

North Korea's highly provocative attack on the South Korean island of Yeonpyeong in the disputed maritime border region on Novembe

In some ways, Bahrain’s position in the Middle East is analogous to that of Singapore in South East Asia. Both countries are city-

In some ways, Egypt’s insurance sector is more comparable with those of Central and Eastern 10-15 years ago than those of the near

In September 2010, US Secretary of State Hilary Clinton made a comparison between Mexico’s current situation with regards to domes

Croatia’s domestic consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets a

In 2011, BMI expects defence expenditure of US$1.763bn, or 2.3% of total government spending, up from US$1.681bn in 2010. The Hung

Israel’s consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets and AV prod

Argentina faces rising internal and external tensions after a period of military retrenchment, though the prospect of armed confli

More signs of Belarus’s shift towards Europe and away from Russia, and changes in its security strategy, became evident in a speec

Bosnia’s October 3 elections to national, entity and cantonal parliaments, to the three-member national presidency (one Bosniak, o

Seen from an international perspective, the most significant developments in the Middle East in the coming twelve months are likel

France, like many European countries, has been scaling back defence spending as part of a programme of fiscal tightening. In 2010,

The UAE’s consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets and video,

Chile is the second biggest per capita arms importer in the Americas, and the 11th largest in the world, according to the Stockhol

North East Asia will remain a zone of potential great power rivalry for the foreseeable future, due to the shifting dynamics betwe

The Czech Republic is a highly stable country, having been one of the most prosperous and secure former communist states, and lock

Despite numerous fiscal difficulties, 2010 has shown the first signs of positive growth for the Romanian defence industry. This ma

Russia’s key defence plans are the Military Doctrine of the Russian Federation (published in 2010) and the State Programme of Arma

When major defence reforms are concluded in early 2011, Serbia’s armed forces will number nearly 36,000 members, theoretically adh

Slovakia is a secure and increasingly affluent country almost entirely surrounded by fellow NATO members. While organised crime, e

Slovenia’s defence spending was cut substantially in 2010, by 9.74% to US$707mn, from US$783mn in 2009, a reduction from US$383.40

As one of the PIGS European economies, Spain has difficult financial problems to deal with. Given the recent Irish bail-out, eyes

Syria is located at the very centre of the volatile Middle East. It is a player in several of the region’s disputes and this puts

Geographically, Turkey straddles the Bosphorus and therefore lies on the border between Europe and Asia. Politically, it lies on t

Ukraine’s defence spending fell slightly in 2010, by 0.60% to US$3.229bn, or US$70.90 per head, BMI estimates. Defence expenditure

As President Hugo Chávez’s government busied itself with refuting multiple accusations that it is harbouring militants – which shu

The United Arab Emirates has ramped up efforts to build up its military defence capabilities, in line with broader trends emerging

Since Q108, we have described numerically the banking business environment for each of the countriessurveyed by BMI. We do this th

Since Q108, we have described numerically the banking business environment for each of the countriessurveyed by BMI. We do this th

Since Q108, we have described numerically the banking business environment for each of the countriessurveyed by BMI. We do this th

Argentina’s domestic consumer electronics devices market, defined as the addressable market forcomputing devices, mobile handsets

Colombia’s consumer electronics devices market, defined as the addressable market for computingdevices, mobile handsets and video,

Hungary’s consumer electronics devices market, defined as the addressable market for computingdevices, mobile handsets and video,

Iran’s consumer electronics devicesmarket, defined as the addressablemarket for computing devices, mobilehandsets and video, audio

Mexico’s consumer electronics devices market, defined as the addressable market for computing devices,mobile handsets and AV produ

Peru's consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets and AV produc

Russia's consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets and AV prod

Turkey’s domestic consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets an

Venezuela’s consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets and vide

Australia's relationship with China has become increasingly important in recent years, owing to China's emergence as Australia's b

India maintains a substantial defence force. Like most countries it scaled back the size of its military with the ending of the Co

In 2004 and then again in 2009 Indonesia held fair and peaceful parliamentary and presidential elections. There is now finally evi

Kazakhstan’s prospects for future political liberalisation have weakened. On June 15 2010, parliament extended President Nazarbaye

The ruling Barisan Nasional (BN) coalition is likely to remain in power after the next general elections, which is due in 2013, al

In late November 2010, a number of US diplomatic cables made public on the WikiLeaks website demonstrated significant US concerns

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Brazil’s domestic consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets an

Chile’s consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets and AV produ

The Czech Republic’s consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets

Poland’s consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets and video,

Serbia’s consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets and video,

The German government looks set to reduce overall spending by around EUR80bn by 2014. This is mainly due to a 5% contraction in GD

Kuwait has continued to modernise and develop its armed forces, armaments and infrastructure since liberation after the Gulf War o

The Philippines faces a number of security and political challenges. Given the low income levels and high levels of inequality in

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Japanese Prime Minister Naoto Kan's approval rating has dropped to 27%, according to an Asahi survey published on November 16, fro

An extremely stable regime and booming economic outlook have helped the People’s Action Party (PAP) maintain power and oversee con

South Korea saw tensions rise with its neighbour in Q410 as violent outbreaks brought worldwide attention to the security situatio

In 2010, BMI estimates that Jordan’s defence expenditure totalled JOD1.673bn, 11.3% of government spending and 5.9% of GDP. In 201

On October 19, the Government published its Strategic Defence and Security Review (SDSR). The headline theme is a serious reductio

Vietnam’s construction sector retains significant promise in 2010, but development continues to be held back by the regulatory env

The Indonesia Commercial Banking Competitive Intelligence Report is an essential resource for manufacturers, investors and supplie

The Malaysia Commercial Banking Competitive Intelligence Report is an essential resource for manufacturers, investors and supplier

The Singapore Commercial Banking Competitive Intelligence Report is an essential resource for manufacturers, investors and supplie

The Egypt Commercial Banking Competitive Intelligence Report is an essential resource for manufacturers, investors and suppliers a

The United Arab Emirates Commercial Banking Competitive Intelligence Report is an essential resource for manufacturers, investors

BMI’s commercial banking forecast series covers 59 countries accounting for 80% of global GDP. Each report, researched at source,

BMI’s commercial banking forecast series covers 59 countries accounting for 80% of global GDP. Each report, researched at source,

Iran is home to an insurance sector that writes over US$4,000mn in premiums annually – equal to around / 1.5% of GDP – and several

The development of the UAE – particularly Dubai – as a regional hub for insurance and other financial / services will likely be co

‘Resilient’ is a word that has appeared frequently in corporate reports published by South African / insurers, whether they operat

Key Insights On Oman’s Insurance Sector / Oman’s insurance sector is small, but rapidly growing in both global and regional terms,

Kuwait’s insurance sector is one in which much needs to change if the country is to shake its status as / something of a backwater

On paper, Egypt’s insurance market is one of the most promising in the Middle East. By virtually all / measures, it is underdevelo

In some ways, Bahrain’s position in the Middle East is analogous to that of Singapore in South East Asia. / Both countries are cit

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

Political risks are rising, and the Israeli flotilla raid has put the Egyptian government under further pressure ahead of the Nove

The defence and security issues surrounding Israel are well understood, essentially static and seemingly intractable. / On each s

There was a time when the analysis of Libya was quite straightforward. The country was a pariah state, a supporter of multiple ter

The South African arms industry has yet to recover from the decline brought on by the momentous events in the 1990s, including the

Writing at the beginning of August 2010, we have been able to ensure that the report includes actual data for 2009. We have genera

Writing in July 2010, we have been able to ensure that the report includes actual data for 2009. According to figures published by

Writing at the beginning of August 2010, we have been able to ensure that the report includes actual data for 2009. According to R

Writing at the beginning of August 2010, we have been able to ensure that the report includes actual data for 2009. According to t

Writing at the beginning of August 2010, we have been able to ensure that the report includes actual data for 2009. According to t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Oman’s insurance sector is small and rapidly growing in both global and regional terms, with an embryonic life segment. In our las

China’s insurance sector stands out from other countries’ in a number of respects. First is its absolute size, second is the absol

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Writing in July 2010, we have been able to ensure that this report includes actual data for the Czech Republic’s insurance sector

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Writing in July 2010, we have been able to include the final figures for the 12 months to June 2009 (the financial year for the Ar

In some ways, Bahrain’s position in the Middle East is analogous to that of Singapore in South East Asia. Both countries are city

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

On paper, Egypt’s insurance market is one of the most promising in the Middle East. By virtually all measures, it is underdevelope

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

But for the underdevelopment of the life segment, Saudi Arabia would be the most attractive prospect for international insurance c

‘Resilient’ is a word that has appeared frequently in corporate reports published by South African insurers, whether they operate

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

The development of the UAE, Dubai in particular, as a regional hub for insurance and other financial services will likely be compl

Iran is home to an insurance sector that writes over US$4,000mn in premiums annually – equal to around 1.5% of GDP – and several o

Kuwait’s insurance sector is one in which much needs to change if the country is to shake its status as something of a backwater.

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

BMI’s commercial banking forecast series covers 59 countries accounting for 80% of global GDP. Each report, researched at source,

BMI’s commercial banking forecast series covers 59 countries accounting for 80% of global GDP. Each report, researched at source,

BMI’s commercial banking forecast series covers 59 countries accounting for 80% of global GDP. Each report, researched at source,

BMI’s commercial banking forecast series covers 59 countries accounting for 80% of global GDP. Each report, researched at source,

BMI’s commercial banking forecast series covers 59 countries accounting for 80% of global GDP. Each report, researched at source,

BMI’s commercial banking forecast series covers 59 countries accounting for 80% of global GDP. Each report, researched at source,

BMI’s commercial banking forecast series covers 59 countries accounting for 80% of global GDP. Each report, researched at source,

Writing in April 2010, we have been able to ensure that the report includes actual data for 2008. We have generally been able to u

This report differs from its predecessors in several respects. In our analysis of competitive conditions, we / provide a much mor

This report differs from its predecessors in several respects. In our analysis of competitive conditions, we / provide a much more

This report differs from its predecessors in several respects. In our analysis of competitive conditions, we / provide a much more

This report differs from its predecessors in several respects. In our analysis of competitive conditions, we / provide a much more

Since Q108, we have described numerically the banking business environment for each of the countries / surveyed by BMI. We do this

This is BMI’s first report on Kenya’s insurance sector. As is the case with our other insurance sector reports, we seek to place t

This is BMI’s first report on New Zealand’s insurance sector. As is the case with our other insurance sector reports, we seek to p

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Writing in April 2010 we have been able to ensure that the report includes actual data for 2008. We have generally been able to us

As was the case in Q210, we provide a ranking of the major players in each of the two main segments, as they are seen by the organ

Writing in April 2010, we have been able to ensure that the report includes actual data for 2008. The industry regulator, the Supe

Writing in April 2010, we have been able to ensure that the report includes actual data for 2008. We have generally been able to u

Writing in April 2010, we have been able to ensure that the report includes actual data for 2008. We have generally been able to u

Writing in April 2010, we have been able to ensure that the report includes actual data for 2008. We have generally been able to u

Writing in April 2010, we have been able to ensure that the report includes actual data for 2008. Data from Mexico’s insurance reg

We provide a ranking of the major players in each of the two main segments as they are seen by the organisation providing the dat

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Writing in April 2010, we have been able to ensure that the report includes actual data for 2008. We have generally been able to u

Writing in April 2010, we have been able to ensure that the report includes actual data for 2008. We have generally been able to u

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

But for the underdevelopment of the life segment, Saudi Arabia would be the most attractive prospect for international insurance c

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

In some ways, Bahrain’s position in the Middle East is analogous to that of Singapore in South East Asia. Both countries are city

Iran is home to an insurance sector that writes over US$4,000mn in premiums annually – equal to around 1.2% of GDP – and several o

In BMI’s debut Iraq Infrastructure Report we take a look at the country’s infrastructure market in the context of a stabilising se

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Oman’s insurance sector is small and rapidly growing in both global and regional terms, with an embryonic life segment. In our las

Writing in April 2010, we have been able to ensure that the report includes actual data for July 2008-June 2009 (the 2009 financia

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

A major change in relation to our last quarterly report is that we have reviewed all data that is publicly available at the beginn

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

This report differs from its predecessors in several respects. In our analysis of competitive conditions, we provide a much more c

This is BMI’s first report on Canada’s insurance sector. As is the case with our other insurance sector reports, we put the non-li

This is BMI’s first report on the US’ insurance sector. The main aim of this report is to analyse the US’ non-life and life insura

This report differs from its predecessors in several respects. In our analysis of competitive conditions, we provide a much more c

This report differs from its predecessors in several respects. In our analysis of competitive conditions, we provide a much more c

This report differs from its predecessors in several respects. In our analysis of competitive conditions, we provide a much more c

This report differs from its predecessors in several respects. In our analysis of competitive conditions, we provide a much more c

This report differs from its predecessors in several respects. In our analysis of competitive conditions, we provide a much more c

This report differs from its predecessors in several respects. In our analysis of competitive conditions, we provide a much more c

This report differs from its predecessors in several respects. In our analysis of competitive conditions, we provide a much more c

This is BMI’s second report on Canada’s insurance sector. As is the case with our other insurance sector reports, we put the non-l

This is BMI’s second report on the US’ insurance sector. The main aim of this report is to analyse the US’ non-life and life insur

This is BMI’s second report on Kenya’s insurance sector. As is the case with our other insurance sector reports, we seek to place

Writing in April 2010, we have been able to ensure that the report includes actual data for 2008. Federal Service for Insurance Su

Writing in April 2010, we have been able to ensure that the report includes actual data for 2008. We have / generally been able to

Writing in April 2010, we have been able to ensure that the report includes actual data for 2008. We have generally been able to u

This is BMI’s second report on New Zealand’s insurance sector. As is the case with our other insurance sector reports, we seek to

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

As was the case in Q210, we provide a ranking of the major players in each of the two main segments, as they are seen by the organ

Writing in April 2010, we have been able to ensure that the report includes actual data for 2008. The industry regulator, the Supe

Writing in April 2010, we have been able to ensure that the report includes actual data for 2008. We have generally been able to u

Writing in April 2010, we have been able to ensure that the report includes actual data for 2008. We have generally been able to u

Writing in April 2010, we have been able to ensure that the report includes actual data for 2008. We have generally been able to u

Writing in April 2010, we have been able to ensure that the report includes actual data for 2008. Data from Mexico’s insurance reg