# Insurance Emerging Value

> Valuation criteria for emerging market insurance stocks. P/B 0.5-1.0x with 30-50% EM discount, combined ratio targets, and China vs India market comparisons.

- Skill: `fdu-ins/insurance-emerging-value` (Agent Skill)
- Install (CLI): `npx skillmds@latest add fdu-ins/insurance-emerging-value`
- Raw SKILL.md: https://api.skillmd.com/api/skills/fdu-ins/insurance-emerging-value/raw
- Safety review: pending
- Works with: Claude Code, Claude.ai, OpenAI Codex
- Category: Coding & Dev Tools
- Author: FDU-INS (https://skillmd.com/u/fdu-ins)
- Updated: 2026-09-10
- Page: https://skillmd.com/skills/fdu-ins/insurance-emerging-value

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# Insurance — Emerging Markets Value Strategy

**Method:** P/B + Combined Ratio + Market Penetration Analysis

## Key Metrics & Adjustments

| Metric | Target | EM Consideration |
|--------|--------|-------------------|
| **P/B Ratio** | 0.5-1.0x | 30-50% lower than developed markets |
| **Combined Ratio** | <95% | Higher acceptable ratio; growing market, margin compression normal |
| **Premium Growth** | 15%+ YoY | Penetration of underinsured population |
| **Expense Ratio** | <35% | Higher than developed (still building distribution) |
| **Regulatory Capital** | Solvency II equivalent | Varies by country; India: IRDAI requirements |

## China vs India

- **China:** Highly competitive market, consolidation underway, margin pressure; P/B 0.6-0.9x
- **India:** Insurance penetration still low (~3% of population); growth 15-20% YoY; P/B 0.8-1.2x reasonable