ASIA-PACIFIC LIFE AND ANNUITY INSURANCE MARKET - GROWTH, TRENDS, AND FORECAST (2019-2024)

The Market is segmented by Insurance Type.

Market Snapshot

China 2
Study Period:

2015-2024

Base Year:

2018

CAGR:

13%

Fastest Growing Country:

India

Largest Country:

China

Key Players:

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Market Overview

The life and annuity insurance market's CAGR is 13% over the forecast period (2019 - 2024).

  • Economic growth in Asia-Pacific economies is expected to be moderate, but continue growing. Also, the aging populations are expected to support the growing demand for long-term investment, health and retirement coverage.
  • Premium growth in Asia-Pacific is moderating, 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 is rising due to increasing allocations to higher-yielding non-traditional assets and widening currency mismatches. In the area of regulation, tightening requirements for capital and asset liability management could strengthen the industry's capacity to absorb sudden changes.

Scope of the Report

A complete background analysis of the Asia-Pacific Life and Annuity Insurance Market, which includes an assessment of the parental market, emerging trends by segments and regional markets, significant changes in market dynamics and market overview, is covered in the report.

By Insurance Type
Individual Insurance
Annuity Insurance
Endowment Insurance
Juvenile Insurance
Whole Life Insurance
Medical Insurance
Others

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Key Market Trends

Growing Asia-Pacific Life Insurance Market

• The 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.
Japan 2

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Booming Japan Life Insurance Market

• The number and amount of new policies for individual annuity insurance were 2.08 million and JPY 11.644 trillion, respectively, increasing both in number and an amount from the previous year.
 
• In all the new policies for individual annuity insurance, the number of fixed individual annuity insurance was JPY 1.93 million, and that of variable individual annuity insurance was JPY 0.13 million in 2015, with fixed individual annuity insurance increasing for the first time in these years.
 
• In all the new policies for individual annuity insurance, the amount of fixed individual annuity insurance was JPY 10,336 billion, and that of variable individual annuity insurance was JPY 757 billion.
Japan 1

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Competitive Landscape

The report covers major international players operating in the Asia-Pacific life & annuity insurance market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.

Major Players

  1. Nippon Life Insurance Company
  2. Life Insurance Corporation of India
  3. China Life Insurance Company
  4. Muang Thai Life Assurance Public Co Ltd
  5. AIA Group

* Complete list of players covered available in the table of contents below

China Fintech Market 8

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET OVERVIEW & DYNAMICS

    1. 4.1 Overview

    2. 4.2 Drivers

    3. 4.3 Restraints

    4. 4.4 Opportunities

    5. 4.5 Distribution Channels

  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

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Nippon Life Insurance Company

    2. 6.2 AIA Group

    3. 6.3 Aviva Ltd

    4. 6.4 Life Insurance Corporation of India (LIC)

    5. 6.5 AMP Life Limited

    6. 6.6 Hong Leong Assurance Berhad

    7. 6.7 China Life Insurance Company

    8. 6.8 Samsung Life Insurance

    9. 6.9 Muang Thai Life Assurance Public Co Ltd

    10. 6.10 Sun Life of Canada (Philippines) Inc.*

  7. 7. INVESTMENT ANALYSIS

  8. 8. FUTURE OF THE ASIA-PACIFIC LIFE AND ANNUITY INSURANCE MARKET

*List Not Exhaustive

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