Insights on Insurance
Singapore, Malaysia and Indonesia 2023
According to EU-ASEAN, the insurance industry in ASEAN grew by 9% in insurance premium volume in 2021, exceeding the global average of 3% and growing faster than other major regions and markets.
The most developed of the ASEAN insurance market, Singapore, grew by 27% YOY in 2021 for Life Insurance. Emerging markets such as Indonesia, Malaysia, and Thailand account for over 90% of the ASEAN population and contribute to approximately 50% of the total Life premium volume in 2021.
However, with growing competition, it is pertinent to explore drivers for insurance amongst consumers and establish market demand and needs while navigating through touchpoints across distribution channels in marketing and sales to optimize customer interaction, gain trust, and, by extension, grow the brand.
Our latest report reveals the trends shaping insurance purchases among families in Singapore, Malaysia, and Indonesia. Discover what families are buying, why they are buying, and how they are buying insurance in 2023.
The most developed of the ASEAN insurance market, Singapore, grew by 27% YOY in 2021 for Life Insurance. Emerging markets such as Indonesia, Malaysia, and Thailand account for over 90% of the ASEAN population and contribute to approximately 50% of the total Life premium volume in 2021.
However, with growing competition, it is pertinent to explore drivers for insurance amongst consumers and establish market demand and needs while navigating through touchpoints across distribution channels in marketing and sales to optimize customer interaction, gain trust, and, by extension, grow the brand.
Our latest report reveals the trends shaping insurance purchases among families in Singapore, Malaysia, and Indonesia. Discover what families are buying, why they are buying, and how they are buying insurance in 2023.