Market Insights Financial Insurances Non-life insurances

Health insurance - ASEAN

ASEAN

The Health insurance market market in ASEAN is expected to witness significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is set to reach US$11.36bn by 2025.
Additionally, the average spending per capita in the Health insurance market sector is anticipated to amount to US$16.30 in the same year.
Furthermore, the market is forecasted to exhibit an annual growth rate of 4.29% (CAGR 2025-2029), resulting in a market volume of US$13.44bn by 2029.
It is worth noting that when compared globally, the United States is expected to generate the highest gross written premium in the Health insurance market market, reaching a staggering US$1,764.0bn in 2025.
This showcases the dominant position of the United States in the global market.
In Singapore, the health insurance market is experiencing a surge in demand due to the rising healthcare costs and increasing awareness of the importance of comprehensive coverage.

Market

Region

Region comparison

Currency

Analyst Opinion

The Health insurance market in ASEAN is experiencing significant growth and development.

Customer preferences: Customers in the ASEAN region are increasingly seeking comprehensive health insurance coverage that includes a wide range of benefits such as outpatient care, hospitalization, and specialist consultations. They are also showing a preference for customizable insurance plans that cater to their specific needs and financial capabilities.

Trends in the market: In Indonesia, there is a growing trend of digital health insurance platforms that offer convenience and accessibility to a large population. Thailand is witnessing an increase in demand for health insurance among the elderly population, driving insurers to develop specialized products for this demographic. Malaysia is experiencing a shift towards value-based insurance models, where insurers focus on improving the quality of healthcare services provided to policyholders.

Local special circumstances: In the Philippines, the implementation of universal healthcare coverage is influencing the health insurance market dynamics, with private insurers adapting their offerings to complement the government's initiatives. Singapore, known for its advanced healthcare system, has a well-established health insurance market with a high penetration rate. Vietnam is seeing a rise in health insurance awareness, driven by government efforts to increase coverage among the population.

Underlying macroeconomic factors: The economic growth in the ASEAN region is contributing to an increase in disposable income levels, allowing more individuals to afford health insurance coverage. The rising middle-class population in countries like Thailand and Indonesia is driving the demand for better quality healthcare services, leading to a parallel growth in the health insurance market. Additionally, the aging population in countries such as Singapore and Malaysia is creating a need for innovative insurance products that cater to the healthcare needs of seniors.

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.