The 2007 financial crisis shattered many economies across the globe, and triggered a negative shift in customer demand, especially in the life insurance sector. The drop in income not only reduced demand for life insurance policies and products but also curtailed the market penetration of the industry. In the current market scenario, there are many product portfolios offered by the top life insurance vendors. With this scenario in place, the demand for life insurance policies is calculated on the basis of the rate at which transparent products are being provided by vendors to customers.
The analysts forecast the life insurance market in Southeast Asia to grow at a CAGR of 7.71% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the life insurance market in Southeast Asia for 2016-2020. To calculate the market size, the report considers the gross life premium value in Singapore, Indonesia, Thailand, the Philippines, Malaysia, Vietnam, and other nations. The other regions include Cambodia, Brunei, Laos, Burma, and Timor-Leste.
The market is divided into the following segments based on country:
The report, Life Insurance Market in Southeast Asia 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
- AIA Group
- Prudential Financial
Other prominent vendors
- Great Eastern Life
- NTUC Income
- Tokyo Marine
- Creation of favorable environments to improve profitability
- Lack of financial models
- Rise in use of BPO for closed-book operations
Key questions answered in this report
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
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- Market overview
- Top-vendor offerings
- Research methodology
- Economic indicators
- Key market highlights
- Market overview
- Market size and forecast
- Five forces analysis
- Country segmentation
PART 08: Impact of drivers
PART 09: Market challenges
PART 10: Impact of drivers and challenges
PART 11: Market trends
PART 12: Vendor landscape
- Competitive landscape
- Other prominent vendors
- Competition business overview
- Recent developments
- Key takeaways
- List of abbreviations
List of Exhibits
Exhibit 01: Product offerings
Exhibit 02: Investments involved in life insurance policies
Exhibit 03: Two fundamental principles of life insurance
Exhibit 04: Personal uses of life insurance business
Exhibit 05: Types of life insurance
Exhibit 06: Benefits of mandatory coverage
Exhibit 07: Life insurance market in Southeast Asia 2015-2020 ($ billions)
Exhibit 08: Five forces analysis
Exhibit 09: Country segmentation 2015
Exhibit 10: Life insurance market in Singapore 2015-2020 ($ billions)
Exhibit 11: Life insurance market in Indonesia 2015-2020 ($ billions)
Exhibit 12: Life insurance market in Thailand 2015-2020 ($ billions)
Exhibit 13: Life insurance market in the Philippines 2015-2020 ($ billions)
Exhibit 14: Life insurance market in Malaysia 2015-2020 ($ billions)
Exhibit 15: Life insurance market in Vietnam 2015-2020 ($ billions)
Exhibit 16: Features of whole life insurance policy
Exhibit 17: Impact of drivers
Exhibit 18: Impact of drivers and challenges
Exhibit 19: Factors driving customer satisfaction
Exhibit 20: Customer connectivity
Exhibit 21: Innovations in customer services
Exhibit 22: Global High Net Worth Individuals 2015
Exhibit 23: Country wise average life expectancy 2015
Exhibit 24: Global aging population 2015 and 2030
Exhibit 25: Competition financials, 2014
Exhibit 26: Financials of AIA Group 2015
Exhibit 27: Financials of Manulife 2015
Exhibit 28: Financials of Prudential Financial 2015
The author of the report recognizes the following companies as the key players in the life insurance market in Southeast Asia: AIA Group, Manulife, and Prudential Financial.
Other Prominent Vendors in the market are: Aviva, AXA, Great Eastern Life, HSBC, NTUC Income, and Tokyo Marine.
Commenting on the report, an analyst from the research team said: “A trend which is boosting market growth is the rise in the use of BPO for closed-book operations. In Southeast Asia, the life insurance vendors are looking for strategies that can help them reduce operational costs. One of the strategies that may gain momentum during the forecast period is the outsourcing of closed book operations to BPOs. Closed book operations help top life insurance vendors and pension providers to transfer products to a third-party provider for better operational efficiency. While a closed book operation does not generate any revenue, it can have claims and service expenses. Therefore, life insurance companies try to outsource closed book operations, and this creates an opportunity for tier 1 and tier 2 life insurers. Such a strategy also helps top vendors to avoid legacy systems, which are expensive and risky.”
According to the report, a key growth driver is the creation of favorable environments to improve profitability. Life insurance companies are enforcing professional and disciplined underwriting practices to ensure healthy growth in the emerging markets like Southeast Asia. Such initiatives are expected to ensure that companies operate on a sustainable basis. In addition, we expect the capital management of the life insurance market to support vendors' growth and tighten solvency capital requirements during the forecast period.
Further, the report states that one challenge that could hamper market growth is the lack of financial models. Currently, life insurance companies do not use any financial models. The lack of such a system has resulted in several challenges, including inadequate underwriting practices.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.