In recent years, the Insurances market in ASEAN has been experiencing significant growth and development.
Customer preferences: Customers in ASEAN countries are increasingly seeking insurance products that offer comprehensive coverage at competitive prices. There is a growing demand for insurance products that cater to specific needs such as health, motor, and property insurance. Additionally, customers are looking for insurers that provide easy access to services and efficient claim processing.
Trends in the market: In Indonesia, there is a notable trend towards the adoption of microinsurance products, especially among the low-income population. This can be attributed to the government's efforts to promote financial inclusion and the rising awareness of the importance of insurance coverage. In Thailand, the Insurtech sector is rapidly growing, with an increasing number of startups offering innovative insurance solutions such as peer-to-peer insurance and usage-based insurance. This trend is driven by the country's digital-savvy population and the desire for more personalized insurance options.
Local special circumstances: In Malaysia, the takaful (Islamic insurance) market is gaining traction due to the country's large Muslim population. Customers are attracted to takaful products that comply with Islamic principles and offer risk-sharing benefits. In the Philippines, the insurance market is heavily influenced by the regulatory environment, with the Insurance Commission playing a key role in shaping the industry. The country's young population presents opportunities for insurers to develop tailored products for millennials.
Underlying macroeconomic factors: The economic growth and increasing disposable income in ASEAN countries are driving the demand for insurance products. As the middle class expands, more individuals are able to afford insurance coverage for themselves and their assets. Additionally, regulatory reforms and initiatives to promote insurance penetration are contributing to the overall growth of the insurance market in the region.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
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