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Jakarta Post

Coming soon to Asia-Pacific: An insurance boom

  • Henrik Naujoks, Harshveer Singh and Edy Widjaja

Hong Kong/Singapore/Jakarta   /   Fri, July 19 2019   /  01:41 am

Asia-Pacific’s insurance market is on the cusp of a boom — one that will create enormous opportunities for insurers, provided they understand that the rules of engagement in the region are rapidly changing.Demographics and economics tell the story. In China, India and Southeast Asia, households are accumulating wealth and the middle class is expanding. Total household wealth in the region is set to outstrip the United States by 2023, according to projections by Credit Suisse. In the same time frame, the number of middle-class households will reach 109 million in mainland China and 83 million in India, according to Euromonitor.These trends point to more people buying more insurance. As consumers become wealthier, they purchase more big-ticket items such as homes, cars and motorcycles — all of which need to be insured. As living standards improve, so does access to medical care, spur...