Non-life insurances - Asia

Asia

The Non-life insurance market in Asia is expected to witness significant growth in the coming years.
According to projections, the market size, measured by the gross written premium, is anticipated to reach a staggering €840.10bn by 2024.
This indicates a promising future for the industry in the region.
Furthermore, the average spending per capita in the Non-life insurance market is estimated to be €184.90 in 2024.
This figure demonstrates the level of financial commitment individuals are willing to make towards insuring their assets and protecting themselves against potential risks.
Over the next four years, the gross written premium is projected to experience a steady annual growth rate (CAGR 2024-2029) of 2.86%.
This growth trajectory is expected to result in a market volume of €967.30bn by 2029.
These figures indicate a healthy and expanding market for Non-life insurance in Asia.
In terms of global comparison, it is noteworthy that the United States is anticipated to generate the highest gross written premium in 2024, reaching an astounding €2,318.0bn.
This highlights the dominance of the American market in the Non-life insurance sector and its significant contribution to the global landscape.
Overall, the Non-life insurance market in Asia is poised for substantial growth, with impressive market size projections and a robust annual growth rate.
As the market continues to evolve, it is expected to play a pivotal role in the insurance industry, both regionally and globally.
In Asia, the market for Non-life insurances is booming in Japan due to the increasing demand for earthquake and typhoon coverage.

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Analyst Opinion

The Non-life insurances market in Asia is experiencing significant growth and evolution.

Customer preferences: Customers in Asia are increasingly seeking non-life insurance products that provide comprehensive coverage at competitive prices. They are also placing a higher emphasis on digital convenience, leading to a rise in online insurance purchases. Additionally, there is a growing demand for customized insurance solutions tailored to specific needs and risks.

Trends in the market: In China, the non-life insurance market is witnessing a surge in demand driven by the country's rapid economic development and urbanization. The increasing awareness of risk management among businesses and individuals is also fueling the growth of non-life insurance products in the country. Moreover, regulatory reforms and the entry of foreign insurers are reshaping the competitive landscape.

Local special circumstances: In Japan, the non-life insurance market is characterized by a high level of market penetration and a wide range of product offerings. The market is highly competitive, with domestic insurers dominating the industry. Natural disasters such as earthquakes and typhoons play a significant role in shaping the demand for non-life insurance in Japan, leading to a focus on catastrophe risk management.

Underlying macroeconomic factors: The economic growth and rising disposable incomes in countries like India are driving the expansion of the non-life insurance market. As the middle class expands, there is a growing need for insurance products to protect assets and mitigate risks. Furthermore, favorable regulatory changes and increasing awareness about the importance of insurance are contributing to the market's development in the region.

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.