According to Global data, the written premiums will grow due to the aging population in the Asia-Pacific region along with growing middle class and its disposable income. It is set to arise from $1.2 trillion in 2019 to $1.5 trillion in 2023.
Insurance Analyst at Global data, Pratyush Mehra says that several countries are gradually recovering from the post disruption due to COVID because of the lifting of the lockdown. Singapore recovers positively in its economic activity from Q3 2020 aided in recovery in demand for its life insurance products. In Hong Kong, long term premium policies increased by 5.1 percent during the three quarters of 2020.
Other than insurance sector, technology advancements also has gained more prominence. There is huge shift of insurers to digital platforms due to Covid social regulations.
A virtual face-to-face agency sales platform for insurance products also was launched in Hong Kong in June 2020.
Merger and Acquisition activities are to be picking up their pace in 2021 with activities in the reinsurance markets of Asia Pacific says Joyce Chan, Partner of Clyde & co Hong Kong. Investors will be bouncing back at a much faster rate to Asia Pacific compared to other regions.
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