Outlook
As per GlobalData’s Personal Accident and Health Insurance Industry Outlook in Asia Pacific in 2022 report, the COVID-19 pandemic in contrast to many other sectors had a positive impact on the PA&H insurance market in APAC with the market recording 17.5% growth in 2021. The market is predicted to continue to experience steady growth over the next five years with the biggest market China undergoing the biggest growth with an expected CAGR of 18.3% over 2020–2025.
China’s aging population and growing high- and middle-income population supports the uptake of private health insurance products. Chinese insurers further enhance the growth in the insurance market by offering diverse short-term health covers and investing in remote healthcare services.
The second biggest market, Australia although negatively impacted by COVID-19 is expected to recover over the 2020-2025 period with a CAGR of 5.4%.
In nearly all APAC countries, telehealth experienced a high number of investments and expansion due to restrictions on visiting healthcare professionals in person during the pandemic, such as China’s zero-Covid policy. This has seen the successful implementation of health apps and healthcare platforms in countries such as China, Taiwan, Malaysia, and Indonesia.
With cancer as the leading cause of death in both Taiwan and South Korea, many APAC insurers have critical illness packages focused on cancer screening, prevention, and management.
A relaxed regulatory framework and adoption of national investment policies support the expansion of the APAC market
According to GlobalData’s Personal Accident and Health Insurance Industry Outlook in Asia Pacific in 2022 report, many APAC countries in 2021 continued to implement measures to liberalize, promote and facilitate investment in the region. Between 2018 to 2019, China enacted liberalization measures for foreign investment access, while Australia reduced restrictions on ownership by innovative foreign companies in 2018.
Additionally, licensing rules in APAC countries often result in registration times to be less than a day with low fees which allow for quick document filing. As of 2022, many countries do not have a risk-based capital framework, although many are planning to implement them.
Access the report: Personal Accident and Health Insurance Industry Outlook in Asia Pacific in 2022
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