Asia as a whole, including Australia and New Zealand, accounted for 24.5% of global premium volume in 2023 (2022: 25.5%), says Swiss Re Institute (SRI) in its report titled "World insurance: strengthening global resilience with a new lease of life", released yesterday.
While emerging Asia’s insurance market continued to show growth, with a real increase of 7.1% in premium volume in US dollar terms in 2023 (2022: 3.0%), advance Asia’s insurance industry declined by 0.8% in real terms in 2023 (2022: -3.2%).
China continues her lead as the biggest insurance market in Asia with the highest real growth rate, as is summarised in the table below:
Total premium volume in US$ in 2023 in Asia by market:
|
Ranking
|
Market
|
Premium volume
$ m
|
Changes (%) in 2023
|
Share of world market 2023 (%)
|
|
Nominal ($)
|
Inflation-adjusted
|
|
2023
|
2022
|
2023
|
2022
|
|
Emerging Asia
|
|
2
|
2
|
China
|
723,664
|
697,806
|
3.7
|
8.9
|
10.1
|
|
10
|
10
|
India
|
135,958
|
129,765
|
4.8
|
2.4
|
1.9
|
|
27
|
27
|
Thailand
|
26,380
|
25,251
|
4.5
|
2.4
|
0.4
|
|
32
|
32
|
Malaysia
|
20,237
|
20,115
|
0.6
|
3.0
|
0.3
|
|
34
|
33
|
Indonesia
|
18,353
|
18,574
|
-1.2
|
-2.2
|
0.3
|
|
43
|
42
|
Vietnam
|
9,447
|
10,649
|
-11.3
|
-12.5
|
0.1
|
|
45
|
45
|
Philippines
|
7,758
|
7,656
|
1.3
|
-2.4
|
0.1
|
|
|
|
Other markets
|
864
|
774
|
|
|
|
|
|
Emerging Asia
|
942, 661
|
910,591
|
3.5
|
7.1
|
13.1
|
|
Advanced Asia
|
|
4
|
3
|
Japan
|
362,719
|
360,543
|
0.6
|
4.1
|
5.0
|
|
7
|
7
|
South Korea
|
185,917
|
192,099
|
-3.2
|
-5.5
|
2.6
|
|
14
|
11
|
Taiwan
|
78,077
|
85,737
|
-8.9
|
-7.1
|
1.1
|
|
15
|
14
|
Australia
|
73,652
|
71,793
|
2.6
|
1.4
|
1.0
|
|
16
|
16
|
Hong Kong
|
65,692
|
66,493
|
-1.2
|
-3.3
|
0.9
|
|
22
|
20
|
Singapore
|
43,168
|
44,555
|
-3.1
|
-10.0
|
0.6
|
|
44
|
44
|
New Zealand
|
8,998
|
8,355
|
7.7
|
5.3
|
0.1
|
|
|
|
Other markets
|
731
|
623
|
|
|
|
|
|
Advanced Asia
|
818,955
|
830,199
|
-1.4
|
-0.8
|
11.4
|
|
|
|
World
|
7,186,174
|
6,772,753
|
0.3
|
-1.1
|
100.0
|