Asia Pacific Life & Non Life Insurance Market Trends | 2031

Segments - Asia Pacific Life and Non-life Insurance Market by Insurance Types (Non-life Insurance [Motor, Home, and Others], Life Insurance [Group and Individual]), Distribution Channels (Agency, Bank, Direct, and Others), and Geography (India, Australia, Malaysia, China, Indonesia, Japan, and Rest of the Asia Pacific) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023–2031

Author : Swarup Sahu

Fact-checked by : Vineet Pandey

Editor : Ranjit Pankhade

Report Description

The Asia Pacific life and non-life insurance market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of XX% during the forecast period, 2023–2031. Growth of the market is attributed to rapid development in health insurance sector, rapid adaptation of digitalization in insurance sector, and increasing customers buying power.

Asia Pacific Life and Non-life Insurance Market Outlook

Non-life insurance is an insurance policy that covers property of person and medical emergencies. A life insurance is agreement between an insurance company and an insurance policyholder. The insurance company promise to pay a sum of amount in exchange for a premium after death of policyholder.

The Covid-19 pandemic affected the life and non-life insurance market in Asia Pacific. Meanwhile governments are restraining the loss by taking part as insures of last resort. The Asia Pacific insurance market estimates have suffered along with broader markets. The covid-19 pandemic is still growing, people are presently attentive to preserving there health instead of filing claims. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.

Asia Pacific Life and Non-Life Insurance Market Trends, Drivers, Restraints, and Opportunities

Rapid development in the financial & insurance sector is projected to boost the market.
Increasing confidence of customers in insurance sector is the major factor fueling the market.
Fraud management initiatives by the industrial sector are anticipated to restrict the market growth in the coming years.
Lack of awareness about insurance sector possesses a main challenge that can hamper the market expansion during the forecast period.
R&D investment and technological advancement in life and non-life insurance market is projected to offer lucrative opportunities for the market players.

Scope of Asia Pacific Life and Non-Life Insurance Market Report

The report on the in life and non-life insurance market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Life and Non-life Insurance Market – Asia Pacific Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016-2021
Forecast Period	2023-2031
Segmentation	Insurance Types (Non-life Insurance [Motor, Home, and Others], Life Insurance [Group and Individual]), Distribution Channels (Agency, Bank, Direct, and Others)
Geographical Scope	India, Australia, Malaysia, China, Indonesia, Japan, and Rest of the Asia Pacific
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Doj-ichi Life Holdings Co.; MS & AD Insurance Group Holding Inc.; Japan Post Insurance Co.; National Mutual Insurance Federation of Agriculture Cooperatives; Ping An Insurance Group; Nippon Life Insurance Co.; China Life Insurance Group; Life Insurance Corp. Of India; People’s Insurance Co. of China; and Tokia Marine Holdings Inc.

Asia Pacific Life and Non-Life Insurance Market Segment Insights

The non-life insurance segment is expected to grow at a rapid pace

Based on insurance types, the life and non-life insurance market in Asia Pacific market is bifurcated into non-life insurance and life insurance. The non-life insurance segment is sub-segmented into motor, home, and others. The life insurance segment is sub-segmented into group and individual. The non-life insurance segment accounts for key share of the market.

Growth of the market is attributed to rapidly growing population and increasing expenditure on healthcare sector. The life insurance segment is anticipated to expand at a rapid pace during the forecast period due to rapid urbanization, rapid adoption of social media in insurance sector, and increased demand for insurance due to initial economic recovery.

Asia Pacific Life & Non Life Insurance Market Insurance Type

The agency segment is anticipated to hold major market share

On the basis of the Distribution Channel, the market is divided into agency, bank, direct, and others. The agency segment accounts for a major share of the market. Growth of the market is attributed to the increasing number of small & medium industries and increasing foreign ownership in some key market. The bank's segment is anticipated to expand at a rapid pace during the forecast period due to factors such as rising disposable income and rapid innovations in life & non-life insurance industry.

Asia Pacific Life and Non-life Insurance Market Distribution Channel

China is estimated to hold major market share

On the basis of region, the life and non-life insurance market in Asia Pacific market is categorized as India, Australia, Malaysia, China, Indonesia, Japan, and Rest of the Asia Pacific. The market of India is estimated to expand at a high CAGR during the forecast period due to factors such as presence of major market players and increasing investment by private sector. The market of China is estimated to hold major market share due to rapidly growing number of working people, rapid economic growth, and rapid urbanization.

Segments

The life and non-life insurance market in Asia Pacific has been segmented on the basis of

Insurance Types

Non-life Insurance
- Motor
- Home
- Others
Life Insurance
- Group
- Individual

Distribution Channels

Agency
Banks
Direct
Others

Geography

India
Australia
Malaysia
China
Indonesia
Japan
Rest of the Asia Pacific

Key Players

Doj-ichi Life Holdings Co.
MS & AD Insurance Group Holding Inc.
Japan Post Insurance Co.
National Mutual Insurance Federation of Agriculture Cooperatives
Ping An Insurance Group
Nippon Life Insurance Co.
China Life Insurance Group
Life Insurance Corp. Of India
People’s Insurance Co. of China
Tokia Marine Holdings Inc.

Competitive Landscape

Key players competing in the life and non-life insurance market in Asia Pacific include Doj-ichi Life Holdings Co.; MS&AD Insurance Group Holding Inc.; Japan Post Insurance Co.; National Mutual Insurance Federation of Agriculture Cooperatives; Ping An Insurance Group; Nippon Life Insurance Co.; China Life Insurance Group; Life Insurance Corp. Of India; People’s Insurance Co. of China; and Tokia Marine Holdings Inc.

Some of these players are using several market strategies such as product launches, acquisitions, capacity expansion, merger, partnerships, and collaborations to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.

Asia Pacific Life and Non-life Insurance Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Life and Non-life Insurance Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Life and Non-life Insurance Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Life and Non-life Insurance Market - Supply Chain
  4.5. Global Life and Non-life Insurance Market Forecast
     4.5.1. Life and Non-life Insurance Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Life and Non-life Insurance Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Life and Non-life Insurance Market Absolute $ Opportunity
5. Global Life and Non-life Insurance Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Life and Non-life Insurance Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Life and Non-life Insurance Demand Share Forecast, 2019-2026
6. North America Life and Non-life Insurance Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Life and Non-life Insurance Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Life and Non-life Insurance Demand Share Forecast, 2019-2026
7. Latin America Life and Non-life Insurance Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Life and Non-life Insurance Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Life and Non-life Insurance Demand Share Forecast, 2019-2026
8. Europe Life and Non-life Insurance Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Life and Non-life Insurance Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Life and Non-life Insurance Demand Share Forecast, 2019-2026
9. Asia Pacific Life and Non-life Insurance Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Life and Non-life Insurance Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Life and Non-life Insurance Demand Share Forecast, 2019-2026
10. Middle East & Africa Life and Non-life Insurance Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Life and Non-life Insurance Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Life and Non-life Insurance Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Life and Non-life Insurance Market: Market Share Analysis
  11.2. Life and Non-life Insurance Distributors and Customers
  11.3. Life and Non-life Insurance Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Doj-ichi Life Holdings Co. MS & AD Insurance Group Holding Inc. Japan Post Insurance Co. National Mutual Insurance Federation of Agriculture Cooperatives Ping An Insurance Group Nippon Life Insurance Co.