Market Trends of Asia Pacific Private Banking Industry
Rising Insurance Business in Asia Pacific
With a continuously rising Insurance premium income in the Asia Pacific region, an increasing number of banking players are entering the market. China, Japan, South Korea, and India are among the leading countries in terms of Insurance premium income in the Asia Pacific and driving the insurance market of the region. In terms of the insurance segment life insurance exists with a comparatively higher share and penetration rate than non-life insurance in the region leading to a wide range of insurance premiums being available on life insurance. The widest and longest covers are among the most preferred insurance product features by the population in the region. These increasing gross written premiums and investments in the insurance business are leading to a growth path for the private banking market in the region.
China Leading the Asia Pacific Market
With the rise of private banking in China the size of the private wealth management market in the country is observing a continuous increase. Industrial and Commercial Bank of China, Agriculture Bank of China, China Construction Bank, and the Bank of China have emerged as leading banks engaged in private banking services in the country. Among the countries in the Asia Pacific, China has emerged with the largest number of high-net-worth individuals existing at more than 9 million, which is far more than other major Asia-Pacific countries of Japan, Australia, South Korea, and India leading to a rising number of bank providers making available their private banking in the country. Leading factors of Brand, Variety of products, and rate of return are driving the private banking clients in the country while selecting financial institutions and expanding the business of private banking in Asia Pacific.
