Kathmandu. As market structures and regulations evolve, the property, health and specialty insurance sectors are experiencing uneven growth across Asia.
This is what Gallagher-RI’s ‘Asia Pacific Market Watch 2025’ report shows. Property insurance has become a key sector in mature markets such as Singapore. Where it accounts for more than 30% of the total premium.
The property insurance sector is also dominant in countries that have been frequently affected by natural disasters, such as Australia, New Zealand, the Philippines and Vietnam.
Similarly, health and personal accident insurance in Asia has become a leading sector in many fast-growing markets. It now accounts for 34% of premiums in Hong Kong, 39% in India and 30% in Vietnam.
Accident insurance, with specialised areas such as cyber and director and officer (D&O) liability, is expanding to Hong Kong, Singapore and Japan. Credit insurance is the second largest business sector in Indonesia. However, the performance has been under pressure.
The health and property sectors experienced the strongest growth between 2021 and 2024. However, in most markets, the size of motor insurance has decreased.
After Hong Kong adopted this arrangement in July 2024, all mature Asian markets now operate under a risk-based capital (RBC) solvency framework.
Regulators in emerging markets are stepping up sustainability-related compliance efforts to align more closely with standards in the region’s mature economies.
