Asia Pacific Life & Non-Life Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Asia Pacific Life & Non-Life Insurance Market is Segmented by Insurance Type (Life Insurance (Individual, Group), Non-Life Insurance (Home, Motor, Others)], by Distribution Channel (Direct, Agency, Banks, and Other Distribution Channels), and by Geography (China, Japan, India, and Rest of Asia-Pacific). The Report Offers Market Size and Forecasts for the Asia-Pacific Life and Non-Life Insurance Market in Value (USD ) for all the Above Segments.

Asia Pacific Life & Non-Life Insurance Market Size

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Asia-Pacific  Life & Non-Life Insurance Market Summary
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Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR (2024 - 2029) > 4.50 %
Market Concentration Medium

Major Players

Asia-Pacific  Life & Non-Life Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Asia Pacific Life & Non-Life Insurance Market Analysis

The Asia Life & Non-Life Insurance Market is expected to register a CAGR of greater than 4.5% during the forecast period.

The Asia-Pacific Life and Non-Life Insurance Market are expected to show a steady growth rate throughout the forecast period, with non-life insurance experiencing a particularly significant increase compared to life insurance. This trend reflects the expanding insurance sector within the Asia-Pacific region, which is home to a population exceeding 4 billion.

Market drivers include evolving customer preferences influenced by recent global challenges and an increased awareness of the importance of insurance. Gaps in healthcare provision have led to a heightened demand for healthcare coverage, prompting a shift from investment-oriented to protection-focused insurance products. Notably, the populous countries of China, India, Indonesia, and Pakistan present significant growth opportunities for insurance companies, as their large populations drive market expansion.

Economic downturns in various sectors have emphasized the critical role of insurance. This realization has translated into increased interest in Non-Life insurance products, especially in countries like China, South Korea, Malaysia, and Thailand, where economic contractions have resulted in unemployment.

In regions like India, Indonesia, and the Philippines, market opportunities arise from an increased awareness of life insurance, driven by various factors, including demographic shifts and a growing understanding of risk mitigation. These market dynamics underscore the importance of insurance in mitigating risks and uncertainties, paving the way for insurers to capitalize on emerging opportunities in the Asia-Pacific region.

Asia Pacific Life & Non-Life Insurance Market Trends

Distribution of Insurance Premium Affecting Life and Non -Life Insurance Market in Asia Pacific

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.

During 2019 and 2020, Asia Pacific was leading in insurance premiums globally, with 32% of the global insurance premium written in Asia Pacific during the respective years. It became the largest insurance market globally. Along with these trends, penetration of government health insurance also observed a continuous increase in Asia-Pacific countries.

Asia-Pacific  Life & Non-Life Insurance Market: Distribution of Insurance Premium Worldwide by Region

Chinese Insurance Industry Affecting Life and Non-Life Insurance in Asia Pacific

China Life Insurance had maximum premium revenue followed by Property, Health and Accidental Insurance followed by China Banking and Insurance Regulatory Commission (CBIRC) 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 is 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.

Asia-Pacific  Life & Non-Life Insurance Market: Premium Revenue in China, 2021 (Billion USD)

Asia Pacific Life & Non-Life Insurance Industry Overview

The report covers the major players operating in Asia-Pacific's life and non-life insurance market. 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 factors, with China and Japan among the top 3 largest insurance markets globally. China, India, and Japan are major drivers in the Asia-Pacific insurance market, with more than 70% of premiums in the region concentrated in China, Japan, and South Korea.

Asia Pacific Life & Non-Life Insurance Market Leaders

  1. Reliance Nippon Life Insurance Group

  2. Ping An Insurance Group

  3. China Life

  4. LIC India

  5. Japan Post Insurance Co.

*Disclaimer: Major Players sorted in no particular order

Asia-Pacific  Life & Non-Life Insurance Market Concentration
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Asia Pacific Life & Non-Life Insurance Market News

  • In October 2023, Bolttech and Allianz Partners partnered to launch insurance solutions for embedded devices and appliances in the Asia Pacific.
  • In October 2023, The Life Insurance Corporation of India (LIC) and SBI General Insurance entered into a corporate agency collaboration with BANKIT, an Indian FinTech company. This historic partnership has the potential to completely transform the way insurance services are provided, even in the most remote areas of the nation.

Asia Pacific Life & Non-Life Insurance Market Report - 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 Porter's Five Forces 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. 4.5 Impact of COVID-19 on the Market

  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 India

      4. 5.3.4 Rest of Asia-Pacific

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Reliance Nippon Life Insurance Group

      2. 6.2.2 Ping An Insurance Group

      3. 6.2.3 China Life

      4. 6.2.4 LIC India

      5. 6.2.5 HDFC Life

      6. 6.2.6 Japan Post Insurance Co.

      7. 6.2.7 Life Insurance corporation of India

      8. 6.2.8 MS&AD Insurance Group Holding Inc.

      9. 6.2.9 Tokia marine holdings Inc.

      10. 6.2.10 Dai-ichi Life holdings Co.*

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Asia Pacific Life & Non-Life Insurance Industry Segmentation

This report aims to provide a detailed analysis of Asia-Pacific's life and non-life insurance market. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights into 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. 

The life and non-life insurance market in the Asia-Pacific is segmented by insurance type, distribution channel, and geography. By insurance type, the market is sub-segmented into life insurance (individual, group), and non-life insurance (home, motor, others). By distribution channel, the market is sub-segmented into direct, agency, banks, and other distribution channels. By geography, the market is sub-segmented into China, Japan, India, and the rest of Asia-Pacific. The report offers market size and forecasts for the Asia-Pacific life and non-life insurance market in value (USD) for all the above segments. 

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
India
Rest of Asia-Pacific
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Asia Pacific Life & Non-Life Insurance Market Research FAQs

The Asia Life & Non-Life Insurance Market is projected to register a CAGR of greater than 4.5% during the forecast period (2024-2029)

Reliance Nippon Life Insurance Group, Ping An Insurance Group, China Life, LIC India and Japan Post Insurance Co. are the major companies operating in the Asia Life & Non-Life Insurance Market.

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

APAC Life & Non-Life Insurance Industry Report

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

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Asia Pacific Life & Non-Life Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)