Market Size of Asia-Pacific Life and Annuity Insurance Industry
| 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.webp)
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
