The life and non-life insurance market size is projected to expand at significant CAGR during the forecast period 2021–2028. Growth of the market is attributed to rapid development in health insurance sector, rapid adaptation of digitalization in insurance sector, and increasing customers buying power.
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Non-life insurance is an insurance policy that covers property of person and medical emergencies. A life insurance is agreement between an insurance company and an insurance policyholder. The insurance company promise to pay a sum of amount in exchange for a premium after death of policyholder.
The Covid-19 pandemic affected the life and non-life insurance market in Asia Pacific. Meanwhile governments are restraining the loss by taking part as insures of last resort. The Asia Pacific insurance market estimates have suffered along with broader markets. The covid-19 pandemic is still growing, people are presently attentive to preserving there health instead of filing claims. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
- Rapid development in the financial & insurance sector is projected to boost the market.
- Increasing confidence of customers in insurance sector is the major factor fueling the market.
- Fraud management initiatives by the industrial sector are anticipated to restrict the market growth in the coming years.
- Lack of awareness about insurance sector possesses a main challenge that can hamper the market expansion during the forecast period.
- R&D investment and technological advancement in life and non-life insurance market is projected to offer lucrative opportunities for the market players.
Market Segment Insights
Based on insurance types, the life and non-life insurance market in Asia Pacific market is bifurcated into non-life insurance and life insurance. The non-life insurance segment is sub-segmented into motor, home, and others. The life insurance segment is sub-segmented into group and individual. The non-life insurance segment accounts for key share of the market. Growth of the market is attributed to rapidly growing population and increasing expenditure on healthcare sector. The life insurance segment is anticipated to expand at a rapid pace during the forecast period due to rapid urbanization, rapid adoption of social media in insurance sector, and increased demand for insurance due to initial economic recovery.
On the basis of sources, the market is divided into agency, bank, direct, and others. The agency segment accounts for a major share of the market. Growth of the market is attributed to increasing number of small & medium industries and increasing foreign ownership in some key market. The banks segment is anticipated to expand at a rapid pace during the forecast period due to factors such as rising disposable income and rapid innovations in life & non-life insurance industry.
On the basis of region, the life and non-life insurance market in Asia Pacific market is categorized as India, Australia, Malaysia, China, Indonesia, Japan, and Rest of the Asia Pacific. The market of India is estimated to expand at a high CAGR during the forecast period due to factors such as presence of major market players and increasing investment by private sector. The market of China is estimated to hold major market share due to rapidly growing number of working people, rapid economic growth, and rapid urbanization.
Compititive Landscape
Key players competing in the life and non-life insurance market in Asia Pacific include Doj-ichi Life Holdings Co.; MS&AD Insurance Group Holding Inc.; Japan Post Insurance Co.; National Mutual Insurance Federation of Agriculture Cooperatives; Ping An Insurance Group; Nippon Life Insurance Co.; China Life Insurance Group; Life Insurance Corp. Of India; People’s Insurance Co. of China; and Tokia Marine Holdings Inc.
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