Asia’s life business to grow 7.5% in 10 years: Allianz

The region is expected to be a major growth driver in the industry.

The Allianz Global Insurance Report 2023 said Asia saw “healthy growth” in 2022 which increased 8.4% (to €31b) on an annual basis.

However, life insurance in Asia saw a small growth of 3.6% (-€33b to €952b) last year but remains to be the largest driver globally.

“As a result, the region’s global market share rose from an already impressive 39.6% in 2012 to a whopping 43.9% in 2022,” Allianz said in the report.

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In the next decade, Asia’s life insurance penetration is expected to settle at 2.8% but will continue to have the largest growth contribution for global life business with a 7.5% annual increment.

“As in the life segment, Asia (ex. Japan) is the clear growth champion among the major regions, with an annual rate of +8.1%. In absolute terms, however, the importance of the region is lower than in the life segment: "only" around 35% of the expected premium growth (€448b) is attributable to Asia, against €357b in North America and €168b in Europe,” Allianz added.