Asian insurers have been urged to sustain equitable access to coverage to deal with the challenges of ageing populations and escalating care costs amid rapid growth. This call was made by Hong Kong's Financial Services and the Treasury Bureau Under Secretary for Financial Services and the Treasury Chan Ho Lim, Joseph, at the 21st Asia Conference on Healthcare and Health Insurance in Hong Kong.
“In Hong Kong, like many other advanced economies in Asia and beyond, we face profound pressures on our healthcare system, with rapid population ageing and the rise of chronic diseases. Demand for medical services continues to outstrip supply,” Mr Chan said.
His remarks come as he highlighted that Asia is experiencing robust expansion in the health insurance market, largely driven by strong economic growth, rapid urbanisation and evolving lifestyles. “As urban populations grow and non-communicable diseases rise amid changing sanitary habits, demand for comprehensive coverage intensifies as well,” he added.
Despite the growth, challenges persist. Mr Chan noted that many developing markets continue to grapple with low penetration, affordability gaps and high out-of-pocket costs. At the same time, projections remain promising, with average per capita spending on health insurance across Asia expected to reach $84.73, and the market growing at a compound annual growth rate of around 3.23%. According to Mr Chan, this underscores the need for insurers to make access more equitable.
Meanwhile, Insurance Authority Executive Director for Policy and Legislation Clement Lau Chung-kin said that to improve healthcare and health insurance in Asia, a unified goal must be identified, with one key priority being the long-term financial stability of healthcare systems.
He added that expanding the roles of both public and private healthcare providers could improve access, alongside promoting transparent pricing and consistent quality.
Moreover, he said the sector should “strengthen the regulation of medical insurance products to bridge protection gaps, widen consumer choice and safeguard policyholders.”
The 21st Asia Conference on Healthcare and Health Insurance is running from 26 to 27 March and is organised by Asia Insurance Review.