Contact
![Contact Meredith Alda](https://cdn.statcdn.com/contactPerson/3646.jpg)
Mon - Fri, 9am - 6pm (EST)
![Contact Yolanda Mega](https://cdn.statcdn.com/contactPerson/3195.jpg)
Mon - Fri, 9am - 5pm (SGT)
![Contact Kisara Mizuno](https://cdn.statcdn.com/contactPerson/2661.jpg)
Mon - Fri, 10:00am - 6:00pm (JST)
![Contact Lodovica Biagi](https://cdn.statcdn.com/contactPerson/863.jpg)
Mon - Fri, 9:30am - 5pm (GMT)
![Contact Carolina Dulin](https://cdn.statcdn.com/contactPerson/3012.jpg)
Mon - Fri, 9am - 6pm (EST)
The Property Insurance market in ASEAN is experiencing significant growth and evolution, driven by various factors shaping the industry in the region. Customer preferences in the ASEAN Property Insurance market are shifting towards comprehensive coverage that not only protects against traditional risks such as fire and theft but also includes coverage for natural disasters and other emerging threats. Customers are increasingly seeking customized insurance solutions that cater to their specific needs and provide a sense of security in an unpredictable environment. Trends in the market vary across ASEAN countries. For instance, in Singapore, there is a growing demand for smart home insurance policies that cover connected devices and cybersecurity risks. On the other hand, in Indonesia, microinsurance products tailored for low-income households are gaining traction, providing basic property protection at affordable premiums. These country-specific trends reflect the diverse needs and priorities of customers in the region. Local special circumstances, such as regulatory environments and cultural factors, also play a significant role in shaping the Property Insurance market in ASEAN. For example, in Thailand, the government's initiatives to promote insurance penetration among the population have led to an increase in awareness and uptake of property insurance. Similarly, in Malaysia, the prevalence of high-rise residential buildings has created a demand for specialized insurance products that cover communal areas and shared facilities. Underlying macroeconomic factors, such as GDP growth, urbanization, and climate change, are driving the development of the Property Insurance market in ASEAN. As the region continues to urbanize rapidly, the concentration of wealth and assets in urban areas is increasing the demand for property insurance coverage. Additionally, the growing frequency and severity of natural disasters in the region are highlighting the importance of adequate insurance protection for property owners. Overall, the Property Insurance market in ASEAN is poised for further growth and innovation as insurers continue to adapt to evolving customer preferences, market trends, and local circumstances 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)