The Non-life insurances market in ASEAN is experiencing significant growth and development, driven by various factors shaping the industry in the region.
Customer preferences: Customers in ASEAN countries are increasingly seeking non-life insurance products that provide comprehensive coverage for a wide range of risks. With the rise of the middle class and increased awareness about the importance of insurance, there is a growing demand for policies that offer protection against natural disasters, accidents, and health-related issues.
Trends in the market: In Indonesia, there is a notable trend towards microinsurance products that cater to the needs of low-income individuals and small businesses. These affordable policies provide basic coverage for various risks and are gaining popularity in the market. On the other hand, in Singapore, the focus is shifting towards digitalization and the use of technology to enhance customer experience and streamline insurance processes. This trend is driven by the tech-savvy population and the increasing adoption of digital services in the country.
Local special circumstances: In Thailand, the non-life insurance market is influenced by the government's initiatives to promote insurance penetration and financial inclusion. The introduction of mandatory health insurance for certain groups of the population has led to an increase in the number of people covered by non-life insurance policies. Additionally, in Malaysia, the market is characterized by strong competition among insurance providers, leading to innovation in product offerings and pricing strategies to attract customers.
Underlying macroeconomic factors: The economic growth and stability in ASEAN countries play a crucial role in the development of the non-life insurance market. As disposable incomes rise and urbanization continues, more individuals and businesses are looking to protect their assets and mitigate risks through insurance coverage. Additionally, regulatory reforms and initiatives to enhance consumer protection and transparency are contributing to the overall growth and sustainability of the non-life insurance sector 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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
