Kathmandu. Asia is expected to be the key driver of global life insurance business growth in 2025. Life insurance business in Asia grew by 9.9 percent last year.
According to Allianz Research’s latest Global Insurance Report, China leads the region. Life insurance business in China grew by 11.4 percent.
According to the report, Asia has become the world’s largest life insurance market. This is supported by an aging population, higher savings rates, and a less comprehensive public pension system.
Allianz expects this sector to grow as demand for private retirement and security products grows. However, the non-life insurance market in the region has grown at a sluggish pace.
The property and casualty (P&C) insurance business in Asia grew by 4 percent in 2025. Global growth was 3.8 percent.
This was lower than Western Europe’s 5.3 percent growth. Because the global market was moving towards normal pricing.
Health insurance is another major growth sector in Asia. In 2025, global health insurance premiums increased by 12.3 percent. However, Allianz said the long-term growth prospects in Asia remain strong. That’s because the health insurance penetration rate in almost all markets is less than 1 percent.
Singapore excelled in a wide area. In 2025, total insurance premiums increased by 10.7 percent to $ 45.3 billion. Life insurance business increased by 10.8 percent. This is higher than the average growth rate of 7.5 percent in 2015-2025. Property and casualty premiums rose 8.3 percent. The health insurance premium has increased by 12.6 percent.
Looking ahead, Allianz expects Asia to be a key growth market for the insurance industry over the next decade.
The insurance market in Asia, excluding Japan and China, is expected to grow at a CAGR of 6.8 percent by 2036. China’s growth is expected to be 7.3 percent annually.
Of the additional $2.3 trillion in global life insurance revenue over the next 10 years, more than half will come from Asia.
Allianz also expects India and China to account for around 4 per cent of the global insurance market by 2036. –Agency
