Global insurer, Allianz sees Asia excel other markets with Singapore’s insurance market set to almost double in the next decade, a new report on the growth prospects of global insurance markets found.
After the paltry years of the financial and economic crisis, insurers can now look ahead with more confidence as insurance premiums growth should accelerate to 5.9 percent over the next decade, from 3.1 percent between 2008 and 2016. The Singaporean market is expected to grow by 5.7 percent per year over the next decade. This robust growth is nothing less than striking as Singaporeans already spend more on insurance than almost anyone else in the world.
Only the Chinese in Hong Kong, the Swiss and the Danish pay more to protect their lives and belongings.
“The long lean spell of the crisis years is finally behind us, in particular, most emerging markets will continue to grow at breakneck speed, first and foremost China,” said Michael Heise, Group Chief Economist of Allianz.
This rapid expansion of life markets in the region reflects the huge pent-up demand, as well as political support for private provisions in the region.
By 2050, more than half of the global population aged 80 and older will live in Asia.