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Successful Business Strategies for Insurers Entering and Growing in Emerging Markets


  • Thomas R Berry-Stölzle

    (Terry College of Business, University of Georgia, 206 Brooks Hall, Athens, GA, 30602, US. E-mails:;

  • Robert E Hoyt

    (Terry College of Business, University of Georgia, 206 Brooks Hall, Athens, GA, 30602, US. E-mails:;

  • Sabine Wende

    () (Department of Risk Management and Insurance, University of Cologne, Albertus-Magnus-Platz, 50923 Cologne, Germany.)


Entering new markets and growing in existing ones is an area of major interest within the insurance industry across the globe. Insurance market growth rates in emerging markets are far in excess of those available in most developed countries. While these growth rates have attracted new and existing firms to these markets, corporate managers face a number of important strategic decisions as they consider establishing or expanding operations in emerging markets. This study evaluates the impact of several strategies on insurer performance in emerging markets. The main findings suggest that overall, successful business strategies for insurers entering or growing in emerging markets involve a high growth rate, increased size and more emphasis on life insurance. When performance is adjusted for risk, lower financial leverage and mutual organisational form are associated with better performance. However, differences in successful business strategies arise across countries when we control for country-level economic and market characteristics.

Suggested Citation

  • Thomas R Berry-Stölzle & Robert E Hoyt & Sabine Wende, 2010. "Successful Business Strategies for Insurers Entering and Growing in Emerging Markets," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 35(1), pages 110-129, January.
  • Handle: RePEc:pal:gpprii:v:35:y:2010:i:1:p:110-129

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    Cited by:

    1. Walid Bahloul & Abdelfettah Bouri, 2016. "The Efficiency of the European Non-Life Insurance: CEO Power, Macroeconomic, and Market Characteristics Impact," International Journal of Financial Studies, MDPI, Open Access Journal, vol. 4(1), pages 1-13, March.
    2. Lee, Chien-Chiang & Chiu, Yi-Bin, 2016. "Globalization and insurance activity: Evidence on the industrial and emerging countries," The North American Journal of Economics and Finance, Elsevier, vol. 36(C), pages 328-349.
    3. Biener, Christian & Eling, Martin & Wirfs, Jan Hendrik, 2016. "The determinants of efficiency and productivity in the Swiss insurance industry," European Journal of Operational Research, Elsevier, vol. 248(2), pages 703-714.
    4. Biener, Christian & Eling, Martin & Schmit, Joan T., 2014. "Regulation in Microinsurance Markets: Principles, Practice, and Directions for Future Development," World Development, Elsevier, vol. 58(C), pages 21-40.

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