Life and Non-Life Insurance Market in Asia-Pacific - Growth, Trends, and Forecast (2020 - 2025)

The Life and Non-Life Insurance market in the Asia-Pacific is segmented by Insurance Type (Life, Non-Life) Distribution Channel (Direct, Agency, Banks, and Other Distribution Channels)

Market Snapshot

Study Period:

2016-2025

Base Year:

2019

CAGR:

5 %

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Market Overview

  • The life and non-life insurance market in Asia-Pacific is estimated to witness a CAGR of approximately 5% during the forecast period.
  • The growth in non-lifelines has outpaced life insurance in the Asia-Pacific region. Yet in recent years, the growth has slowed. The pattern is likely to continue, despite the region's growing macroeconomic and regulatory concerns. Asia-Pacific P&C (Property and casualty) premiums rose from 2013 to 2018 at a compound annual growth rate (CAGR) of 7.5%. During the same time, life health premiums rose by only 4.0 %. Gross written premium for non-life was at 564 USD billion in 2018, and penetration was at 2.1%.
  • Life insurers have seen slower growth in most markets in the Asia-Pacific region. Developed markets have been under the greatest pressure on growth. Interest rates have fallen sharply and rapidly, leading to big consequences for life insurance companies. Most obligations may become extremely expensive to meet, and current assets may be seriously drained if the prices continue to fall, which they are likely to do. Developed markets have been under the greatest pressure on production. Interest rates have fallen sharply and rapidly, leading to major ramifications for life insurance companies. Many obligations may become extremely expensive to meet, and current assets may be seriously drained if the prices continue to fall, which they are likely to do. Non-life, the gross written premium amounted to USD 1,019 billion, and penetration was 3.8% in 2018.
  • The increased foreign ownership in some key markets, especially China, should help long-term growth. Foreign players should increase the penetration of markets where local players have historically dominated. Myanmar, for example, announced in January 2019 that international insurers may join the country's largely untapped insurance market as part of ongoing liberalization efforts. Vietnam has also taken steps to increase foreign ownership limits for listed insurance companies and other sectors.

Scope of the Report

This report aims to provide a detailed analysis of the life and non-life insurance market in Asia-Pacific. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Also, it analyses the key players and the competitive landscape in the life and non-life insurance market in Asia-Pacific.

By Insurance Type
Life Insurance
Individual
Group
Non-life Insurance
Home
Motor
Other Non-life Insurances
By Distribution channel
Direct
Agency
Banks
Other Distribution channels
By Geography
China
Japan
Australia
Rest of Asia-Pacifc

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Key Market Trends

Distribution of insurance premium:

Europe accounts for a third of global insurance premiums, slightly less than the Asia-Pacific region and slightly more than North America. Asia-Pacific insurance premiums are expected to increase in the coming years. The Asia-Pacific region holds the key to the future of the insurance industry. It is home to nearly one-third of the world's population, some of the fastest-growing economies, and several countries with rapidly expanding middle-class populations. However, China has quickly become the second-largest economy in the world and is on track to become the largest by 2030.

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The Chinese Insurance Industry is Growing Rapidly in the Asia-Pacific Region:

After experiencing a year-on-year growth rate of 3.9% for gross written premiums in 2018, the only year with less than double-digit growth in the last five years, the Chinese insurance market bounced back in 2019. In the first seven months of 2019, the total gross written premium increased by 13.9 %, with the life insurance market growing by 15.9% and the non-life market growing by 8 %. China Banking and Insurance Regulatory Commission (CBIRC) has rolled out new measures, including advancing the transition period for the removal of foreign ownership caps in foreign-invested life insurance companies by 2020, canceling the requirement that the total equity interest in the insurance asset management business owned by domestic insurance companies be at least 75%, and allowing foreign investors to have a stake above 25%, facilitating the entry requirements for international insurance companies by removing the requirement that they had to operate for at least 30 years before entering the Chinese market.

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Competitive Landscape

The report covers the major players operating in the life and non-life insurance market in Asia-Pacific. The market is consolidated and is expected to grow during the forecast period, due to china’s new measures to boost its insurance industry and other few factors.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porters 5 Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Insurance Type

      1. 5.1.1 Life Insurance

        1. 5.1.1.1 Individual

        2. 5.1.1.2 Group

      2. 5.1.2 Non-life Insurance

        1. 5.1.2.1 Home

        2. 5.1.2.2 Motor

        3. 5.1.2.3 Other Non-life Insurances

    2. 5.2 By Distribution channel

      1. 5.2.1 Direct

      2. 5.2.2 Agency

      3. 5.2.3 Banks

      4. 5.2.4 Other Distribution channels

    3. 5.3 By Geography

      1. 5.3.1 China

      2. 5.3.2 Japan

      3. 5.3.3 Australia

      4. 5.3.4 Rest of Asia-Pacifc

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Mergers and Acquisitions

    3. 6.3 Company Profiles

      1. 6.3.1 China Life Insurance Group

      2. 6.3.2 Ping An Insurance Group

      3. 6.3.3 People's Insurance Co. of China

      4. 6.3.4 National Mutual Insurance federation of Agricultural Cooperatives

      5. 6.3.5 Nippon Life Insurance Co.

      6. 6.3.6 Japan Post Insurance Co.

      7. 6.3.7 Life Insurance corporation of India

      8. 6.3.8 MS&AD Insurance Group Holding Inc.

      9. 6.3.9 Tokia marine holdings Inc.

      10. 6.3.10 Dai-ichi Life holdings Co.

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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