APAC Insurtech Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The APAC Insurtech Market is Segmented by Business Model (carrier, Enabler, and Distributor) and by Country (China, India, Japan, Hong Kong, Singapore, Indonesia, and the Rest of Asia Pacific). The Market Size and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

APAC Insurtech Market Size

View Global Report
Asia Pacific Insurtech Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR (2024 - 2029) > 7.00 %
Market Concentration Medium

Major Players

Asia Pacific Insurtech Market Major Players

*Disclaimer: Major Players sorted in no particular order


Need a report that reflects how COVID-19 has impacted this market and its growth?

APAC Insurtech Market Analysis

The Asia-Pacific InsurTech Market is expected to register a CAGR of greater than 7% during the forecast period.

Growth in Insurtech in Asia due to several factors including younger population, low insurance penetration, rapid adoption of mobility (mobility and 5G), increasing incomes and trends related to health accidental and health risk & awareness. Insurtech has seen tremendous growth in APAC, especially after the pandemic. In the APAC region, China, and India account for almost half of the private Insurtech companies and around 78% of the investment.

Insurtech investments in APAC have been on the rise in recent years as disruptive technologies transform the insurance industry. Rapid digitalization and the adoption of innovative business models are driven by rising smartphone penetration, expanding internet penetration, and changing customer preferences. Insurtech investment in APAC has been particularly strong in China, India, and Southeast Asian countries.

Insurance companies are iadopting digital solutions to expand their business and create new product lines based on niche customer needs, which is a major contributor to the market growth. However, the insurance industry is subject to varying standards and regulations, as well as privacy and security concerns, which limit the growth of the market. In addition, emerging economies provide significant growth opportunities for the Insurtech market, allowing insurers to expand and develop their offerings, particularly in emerging economies like Australia, China, and India, as well as Singapore and South Korea.

APAC Insurtech Market Trends

Non Life Insurance is Increasing with Higher Rate than the Life Insurance in Asia-Pacific Region.

The non-life insurance market consists of the general insurance market, which is segmented into motor, property, liability, and other insurance. The Asia-Pacific region is showing a strong growth rate in premiums and insurance premiums. The performance is mainly driven by China but is also buoyed by the positive performance in South Korea. However, some mature markets in the region, such as Japan, are struggling due to their rising population age and shifting consumer expectations. Motor-related non-life insurance is expected to be the market's most lucrative sector. High levels of household disposable income, alongside lower consumer confidence, will boost sales for non-life insurance products; however, low-interest rates will keep profits low.

Asia Pacific Insurtech Market: Non Life insurance in Asia-Pacific, In USD billion, (2019-2022)

India Dominates The Market

India being a pioneer in adopting technologies in industries, India is an attractive region for the market. The insurance and banking industries in India need high-level analytics. This is the growth factor for the Insurtech market in the region. 

In India, many technology startups are coming up which increases the number of partnerships, acquisitions, collaborations, and competitions. Therefore, these factors increase the demand for insurance businesses and help in upgrading the business process with advanced technologies

Asia Pacific Insurtech Market: Consumer Preference for digital or physical interaction with insurer, In Percentage, By country

APAC Insurtech Industry Overview

More than 330 insurtech companies are operating in the Asia-Pacific region. According to S&P Global Market Intelligence, China and India collectively have nearly half of the private insurtech companies in the Asia-Pacific region and have attracted about 78% of venture capital investment in the region. With 66 insurance companies, India has become the second-largest insurance market in the region. The major players in the region include ZhongAn Insurance, SingLife, CXA Group, CoverFox Insurance, and PolicyPal.

APAC Insurtech Market Leaders

  1. ZhongAn Insurance

  2. SIngLife

  3. CXA Group

  4. CoverFox Insurance

  5. PolicyPal

*Disclaimer: Major Players sorted in no particular order

Asia Pacific Insurtech Market Concentration
Need More Details on Market Players and Competitors?
Download PDF

APAC Insurtech Market News

  • March 2023: Insurer Singlife enters a technology partnership with Citi and BlackRock. Integration with Citi and BlackRock Aladdin will provide clients with complete portfolio management capabilities that improve efficiencies, automate controls, and enable a seamless front-to-back experience.
  • October 2022: PBPartners, the PoSP brand of Policybazaar.com, launches its mobile app to facilitate the ease of doing insurance business for its agent partners. PBPartners is one of India's top B2B2C insurtech platforms, and the PBPartners app aims to further simplify the insurance business for partners by enabling them to monitor their performance effectively.

APAC Insurtech Market Report - Table of Contents


    1. 1.1 Study Assumptions And Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

      1. 4.1.1 Insights on Macroeconomic Aspects and Demographics of Asia-Pacific

      2. 4.1.2 A Brief Note on Insurtech Landscape in Asia-Pacific

    2. 4.2 Insights on Various Technologies Being Used by Insurtech Players in the region

    3. 4.3 Insights on Insurtech Regulatory Landscape in Asia-Pacific

    4. 4.4 Insights on Venture Capital Investment in Insurtech in Asia-Pacific

    5. 4.5 A Brief Snapshot on Consumer Needs and Behaviour Analysis - From Insurtech Prespective

    6. 4.6 Market Drivers

    7. 4.7 Market Restraints

    8. 4.8 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.8.1 Bargaining Power of Suppliers

      2. 4.8.2 Bargaining Power of Consumers

      3. 4.8.3 Threat of New Entrants

      4. 4.8.4 Threat of Substitutes

      5. 4.8.5 Intensity of Competitive Rivalry

    9. 4.9 Impact of COVID-19 on the Industry


    1. 5.1 By Business Model

      1. 5.1.1 Carrier

      2. 5.1.2 Enabler

      3. 5.1.3 Distributor

    2. 5.2 By Country

      1. 5.2.1 China

      2. 5.2.2 India

      3. 5.2.3 Singapore

      4. 5.2.4 Hong Kong

      5. 5.2.5 Japan

      6. 5.2.6 Indonesia

      7. 5.2.7 Rest of Asia-Pacific


    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 ZhongAn Insurance

      2. 6.2.2 Singapore Life

      3. 6.2.3 CXA Group

      4. 6.2.4 Coverfox Insurance

      5. 6.2.5 PolicyPal

      6. 6.2.6 PolicyBazaar

      7. 6.2.7 Acko General Insurance Ltd.

      8. 6.2.8 WaterDrop

      9. 6.2.9 Digit Insurance

      10. 6.2.10 CompareAsiaGroup

      11. 6.2.11 GoBear

      12. 6.2.12 SmartHR

      13. 6.2.13 Prenetics

      14. 6.2.14 PasarPolis*

    3. *List Not Exhaustive

You Can Purchase Parts Of This Report. Check Out Prices For Specific Sections
Get Price Break-up Now

APAC Insurtech Industry Segmentation

Insurtech is the use of new technology to improve the efficiency of the way insurance is sold right now. The growing digitization has led various participants in the insurance industry value chain to adopt technological innovation. This rapid technological advancement led to the expansion of the Insurtech market. 

The Asia-Pacific insurtech market can be segmented by business model and country. By business model, the market is sub-segmented into carrier, enabler, and distributor. By country, the market is sub-segmented into China, India, Japan, Hong Kong, Singapore, Indonesia, and the Rest of Asia Pacific. The report offers market size and forecasts for the Asia-Pacific insurtech market in value (USD) for all the above segments

By Business Model
By Country
Hong Kong
Rest of Asia-Pacific
Need A Different Region Or Segment?
Customize Now

APAC Insurtech Market Research FAQs

The Asia-Pacific InsurTech Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)

ZhongAn Insurance, SIngLife, CXA Group, CoverFox Insurance and PolicyPal are the major companies operating in the Asia-Pacific InsurTech Market.

The report covers the Asia-Pacific InsurTech Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific InsurTech Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

APAC Insurtech Industry Report

Statistics for the 2024 APAC Insurtech market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. APAC Insurtech analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!

APAC Insurtech Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)