The Property Insurance market in Eastern Asia is experiencing a steady growth trajectory.
Customer preferences: Customers in Eastern Asia are increasingly seeking comprehensive property insurance coverage to protect their assets against natural disasters, such as typhoons and earthquakes, which are common in the region. Additionally, there is a growing demand for innovative insurance products tailored to the unique needs of property owners in countries like Japan, South Korea, and China.
Trends in the market: In Japan, the property insurance market is witnessing a shift towards digitalization, with more insurers offering online platforms for purchasing policies and filing claims. In South Korea, there is a trend towards bundled insurance packages that combine property coverage with other types of insurance, such as life or health insurance. On the other hand, China is experiencing a surge in demand for property insurance due to rapid urbanization and the construction of new residential and commercial properties.
Local special circumstances: One of the key factors influencing the property insurance market in Eastern Asia is the regulatory environment in each country. For example, in Japan, stringent building codes and regulations have led to a lower frequency of claims related to natural disasters, which has positively impacted the insurance market. In South Korea, government initiatives to promote property insurance awareness among the population have contributed to market growth. In China, the increasing adoption of property insurance by homeowners and businesses is driven by the need for financial protection against property damage.
Underlying macroeconomic factors: The economic stability and growth prospects of countries in Eastern Asia play a significant role in shaping the property insurance market. As disposable incomes rise and urbanization continues, more individuals and businesses are investing in real estate properties, driving the demand for property insurance. Moreover, the increasing awareness of risk management and the importance of insurance coverage in mitigating financial losses have contributed to the overall growth of the property 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.
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)
