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Insurances - Asia

Asia
  • The Insurances market in Asia is expected to reach a projected market size (gross written premium) of US$2.06tn in 2025.
  • Life insurances hold the dominant share in the market with a projected volume of US$1.13tn in 2025.
  • The average spending per capita in the Insurances market is estimated to be US$450.58 in 2025.
  • In terms of global comparison, the United States is projected to have the highest nominal value, reaching US$3.9tn in 2025.
  • The gross written premium is anticipated to demonstrate an annual growth rate (CAGR 2025-2029) of 1.63%, resulting in a market volume of US$2.20tn by 2029.
  • The United States is expected to generate the highest gross written premium in global comparison, reaching US$3.9tn in 2025.
  • In the insurance market in Asia, Japan stands out for its high adoption of life insurance policies among its aging population.

Definition:

Insurance is a financial arrangement that provides individuals or businesses with protection against unexpected financial losses. In exchange for regular payments, known as premiums, an insurance policyholder is covered in case of specific events, such as accidents, illnesses, or damage to property. When a covered event occurs, the insurance company compensates the policyholder, helping them recover from the financial impact of the loss or damage. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Structure:

The insurance market comprises life and non-life insurances. The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, for selected European countries the distribution channels of insurance bookings, and the share of insureds in the total population for over 50 countries for live, health, motor vehicle, property, general liability, and legal insurances.
In-Scope
  • Life insurances
  • Non-life insurances
Out-Of-Scope
  • Some non-live insurances, such as travel insurance, freight insurance, and accident insurance
  • Reinsurance
Insurances
Insurances
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Insurances: market data & analysis - Cover

Market Insights report

Insurances: market data & analysis
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    methodology
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    Gross Written Premium

    NOTES: Data was converted from local currencies using average exchange rates of the respective year.

    MOST_RECENT_UPDATE: Sep 2024

    SOURCE: Statista Market Insights

    NOTES: Data was converted from local currencies using average exchange rates of the respective year.

    MOST_RECENT_UPDATE: Sep 2024

    SOURCE: Statista Market Insights

    MOST_RECENT_UPDATE: Sep 2024

    SOURCE: Statista Market Insights

    Gross Claim Payments

    NOTES: Data was converted from local currencies using average exchange rates of the respective year.

    MOST_RECENT_UPDATE: Sep 2024

    SOURCE: Statista Market Insights

    Loss Ratio

    MOST_RECENT_UPDATE: Sep 2024

    SOURCE: Statista Market Insights

    Analyst Opinion

    In recent years, the Insurances market in Asia has shown significant growth and development.

    Customer preferences:     Customers in Asia are increasingly seeking insurance products that offer comprehensive coverage at competitive prices. They value insurance plans that provide not only financial security but also additional benefits such as wellness programs or digital services. Additionally, there is a growing demand for customizable insurance solutions that cater to individual needs and preferences.

    Trends in the market:     In countries like Japan, there is a noticeable trend towards digitalization in the insurance sector. Insurtech companies are gaining traction by offering innovative online platforms for purchasing insurance and managing claims efficiently. On the other hand, emerging markets like India are witnessing a surge in insurance penetration due to rising awareness about the importance of insurance among the population. Moreover, the increasing popularity of health and life insurance products is driving growth in many Asian countries.

    Local special circumstances:     In China, the insurance market is influenced by government regulations and policies that impact the operations of both domestic and foreign insurance companies. The market is highly competitive, with local players focusing on expanding their product offerings to attract a larger customer base. In contrast, Southeast Asian countries like Singapore are positioning themselves as regional insurance hubs, attracting investments and talent to drive innovation in the industry.

    Underlying macroeconomic factors:     The economic growth and increasing disposable income in many Asian countries are key drivers of the insurance market expansion. As people's wealth and assets grow, there is a greater need to protect against potential risks and uncertainties, leading to higher demand for insurance products. Additionally, demographic changes such as aging populations and urbanization are reshaping the insurance landscape in Asia, creating opportunities for insurers to develop new products and services tailored to specific market segments.

    Methodology

    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.

    Finance

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    Insurances: market data & analysis - BackgroundInsurances: market data & analysis - Cover

    Key Market Indicators

    NOTES: Based on data from IMF, World Bank, UN and Eurostat

    MOST_RECENT_UPDATE: Jan 2025

    SOURCE: Statista Market Insights

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    Global insurance industry - statistics & facts

    Insurance has become a fundamental cornerstone of today's economy, providing financial security in an otherwise uncertain world. From protecting individual livelihoods to upholding commercial ventures the global insurance industry has continued to grow. Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth roughly eight trillion U.S. dollars in 2024, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.
    OUTLOOK_MORE_DATA_ON_TOPIC
    Global insurance penetration
    6.7%
    Highest value of life and non-life direct premiums written
    United States
    Value of global reinsurance premiums
    378bn USD

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