Asia-Pacific Life and Annuity Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Asia-Pacific Life And Annuity Insurance Market are Segmented by Insurance Type ( Individual Insurance, Annuity Insurance, Endowment Insurance, Juvenile Insurance, Whole Life Insurance, Medical Insurance, Others Insurance), Distribution Channel (Direct, Banks, Agents, and Others), by Geography (China, India, Singapore, and Rest Asia Pacific).

APAC Life & Annuity Insurance Market Size

apac life annuity insurance market.png
Study Period 2019 - 2028
Base Year For Estimation 2021
Forecast Data Period 2024 - 2028
Historical Data Period 2019 - 2020
CAGR < 14.00 %
Market Concentration Medium

Major Players

Asia-Pacific Life and Annuity Insurance Market

*Disclaimer: Major Players sorted in no particular order

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APAC Life & Annuity Insurance Market Analysis

There has been a negative impact of COVID-19 on the Asia-Pacific Life and Annuity Insurance industry. The insurance industry is well prepared for the loss incurred during the coronavirus pandemic in their events, including the payments, but the financial impacts will take time to play and reinsured. Insurers are responding to the widening COVID-19 outbreak on multifronts- claim payers, insured employers, and investment managers. They all have different challenges with the insurance policy tailored to their needs.

Economic growth in Asia-Pacific economies in FY 2019-2020 is expected to be growiwng further in the forecast period. It is expected to be moderate in FY 2021 but continues growing. Also, the aging population is expected to support the growing demand for long-term investment, health and retirement coverage. Premium growth in Asia-Pacific is moderating in FY 2021, as insurers are shifting to protection and investment policies with profit-sharing features and away from short-term interest-sensitive products.

For life insurance, asset risk rises due to increasing allocations to higher-yielding non-traditional assets and widening currency mismatches. In regulation, tightening capital and asset liability management requirements could strengthen the industry's capacity to absorb sudden changes. The cost of claims continued to increase across all risk products as claims as a proportion of premium increased by 4.3%. This trend was likely due to a wide range of factors for group lump sum insurance, including the impact of the decrease in premium volumes due to PMIF and PYSP without a corresponding change in operating expenses.

APAC Life & Annuity Insurance Market Trends

This section covers the major market trends shaping the APAC Life & Annuity Insurance Market according to our research experts:

Asia-Pacific Life Insurance Market is Growing Rapidly

Life insurance is the largest segment of the life insurance market in Asia-Pacific, accounting for the largest percentage of the market's total value. The pension/annuity segment accounts for the remaining percentage of the market. The market has been showing an upward trend witnessing the highest market share in FY 2019, and it is estimated to increase throughout the forecast period.

Asia-Pacific Life And Annuity Insurance Market

China Leading the Asia-Pacific Life And Annuity Insurance Market

The gross written premiums for life insurance were the highest in Mainland China China's life insurance market is relatively fragmented, and China's annual life insurance market growth was at 25 percent, followed by Japan, India, Hong Kong, and Other nations. India was the fastest growing Life and Annuity Insurance Market in Asia-Pacific.

Asia-Pacific Life And Annuity Insurance Market

APAC Life & Annuity Insurance Industry Overview

The Asia-Pacific Life And Annuity Insurance Market is highly competitive and fragmented across the nation, covering the maximum portion of the Life Insurance Segment. All Life And Annuity insurance companies must change their systems and processes to develop and accurately price new products and insurance packages. For this, Life And Annuity insurance companies are coming up with new attractive, customizable coverage and performance or usage-based insurance products. Also, vendors are required to test large volumes of user data to offer competitive pricing to their end-users. The key players include Nippon life insurance, China life insurance company, AIA Group, Aviva Ltd, and LIC.

APAC Life & Annuity Insurance Market Leaders

  1. Nippon Life Insurance Company

  2. Life Insurance Corporation of India

  3. China Life Insurance Company

  4. AIA Group

  5. AMP Life Limited

*Disclaimer: Major Players sorted in no particular order

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APAC Life & Annuity Insurance Market News

· In 2021, AIA Group Ltd agreed to buy a 24.99% stake in China Post Life Insurance Co., Ltd. for USD 1.86 billion, it said on Tuesday, increasing the insurer's presence in China which provided a third of its new business in 2020. China Post Life is a subsidiary of China's postal service operator, China Post Group Co. Ltd., and targets the Chinese mass market and emerging mass-affluent consumers by selling its products via Postal Savings Bank of China.

· In 2020, Muang Thai Life Assurance (MTL) continued its aggressive move into the Cambodia, Laos, Myanmar, Vietnam, and Thailand (CLMVT) region to acquire a larger market with a more balanced demographic profile as Thailand becomes a full-fledged aging society. MTL has operations in four countries through four joint venture companies: ST-Muang Thai Insurance in Laos, MB Ageas Life in Vietnam, Sovannaphum Life Assurance and Dara Insurance in Cambodia, and one representative office in Myanmar.

APAC Life & Annuity Insurance Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Defination

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

    1. 2.1 Study Deliverables

    2. 2.2 Study Assumptions

    3. 2.3 Analysis Methodology

    4. 2.4 Research Phases

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Industry Attractiveness- Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargainning Power of Buyers

      3. 4.4.3 Bargainning Power of Suppliers

      4. 4.4.4 Threat of Substitutes

      5. 4.4.5 Intensity of Competative Rivalry

    5. 4.5 Insights into Latest Technological Innovations and Recent Trends in the Industry

    6. 4.6 Insights on Government Regulations in the Industry

    7. 4.7 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Insurance type

      1. 5.1.1 Individual Insurance

      2. 5.1.2 Annuity Insurance

      3. 5.1.3 Endowment Insurance

      4. 5.1.4 Juvenile Insurance

      5. 5.1.5 Whole Life Insurance

      6. 5.1.6 Medical Insurance

      7. 5.1.7 Others Insurance

    2. 5.2 By Distribution Channel

      1. 5.2.1 Direct

      2. 5.2.2 Banks

      3. 5.2.3 Agents

      4. 5.2.4 Others

    3. 5.3 By Geography

      1. 5.3.1 China

      2. 5.3.2 India

      3. 5.3.3 Singapore

      4. 5.3.4 Rest Asia-Pacific

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Nippon Life Insurance Company

      2. 6.2.2 AIA Group

      3. 6.2.3 Aviva Ltd.

      4. 6.2.4 Life Insurance Corporation of India (LIC)

      5. 6.2.5 AMP Life Limited

      6. 6.2.6 Hong Leong Assurance Berhad

      7. 6.2.7 China Life Insurance Company

      8. 6.2.8 Samsung Life Insurance

      9. 6.2.9 Muang Thai Life Assurance Public Co. Ltd.

      10. 6.2.10 Sun Life of Canada (Philippines) Inc.*

    3. *List Not Exhaustive
  7. 7. FUTURE TRENDS AND MARKET OPPORTUNITIES

  8. 8. APPENDIX

  9. 9. DISCLAIMER

*List Not Exhaustive
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APAC Life & Annuity Insurance Industry Segmentation

Life Insurance seeks to provide an individual's family with a lump-sum fiscal payout when that individual dies; annuities act as safety nets by providing individuals with a lifetime of guaranteed income streams. The Market is Segmented by Insurance Type ( Individual Insurance, Annuity Insurance, Endowment Insurance, Juvenile Insurance, Whole Life Insurance, Medical Insurance, Others Insurance), Distribution Channel (Direct, Banks, Agents, and Others), and Geography (China, India, Singapore, and Rest of Asia-Pacific).

By Insurance type
Individual Insurance
Annuity Insurance
Endowment Insurance
Juvenile Insurance
Whole Life Insurance
Medical Insurance
Others Insurance
By Distribution Channel
Direct
Banks
Agents
Others
By Geography
China
India
Singapore
Rest Asia-Pacific
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APAC Life & Annuity Insurance Market Research FAQs

The Asia-Pacific Life and Annuity Insurance Market is projected to register a CAGR of less than 14% during the forecast period (2023-2028).

Nippon Life Insurance Company, Life Insurance Corporation of India, China Life Insurance Company, AIA Group and AMP Life Limited are the major companies operating in the Asia-Pacific Life and Annuity Insurance Market.

Asia-Pacific Life and Annuity Insurance Industry Report

Statistics for the 2023 Asia-Pacific Life And Annuity Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Life And Annuity Insurance analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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