Asia's consumers are navigating an era of growing economic uncertainty. Job insecurity, increased costs of living, chronic health burdens and longer life spans are reshaping how people think about financial protection according to a new survey by Swiss Re.
The 22-page Life & Health consumer survey 2025 conducted by Swiss Re Institute and released in July 2025 includes the views of 12,000 consumers across 12 Asian markets (including both advanced and emerging economies).
The survey findings reveal a detailed look into shifting attitudes, unmet needs and what consumers want from life and health insurance.
The survey says for insurers the message is clear: aligning with consumers’ evolving preferences through product innovation is not only a competitive imperative, but also a path toward closing Asia’s persistent protection gaps.
The respondents evinced strong interest in life and health products, particularly in emerging Asia where 60% said they intend to buy life insurance in the next year. Yet barriers like perceived high price, lack of consumer knowledge and awareness, and product irrelevance were frequently cited reasons to not buy cover.
Broader concerns over job security and cost of living present further barriers. Unemployment is the biggest worry for about 60% of respondents in emerging Asia. In the region’s advanced economies, 45% cited cost of living as their main concern.
Swiss Re estimates the health protection gap across the 12 surveyed Asian markets reached $258bn in premium equivalent terms in 2024. This is based on the share of healthcare costs that households find financially stressful, derived from our survey and World Health Organisation data.
Compared to 2017 when the reinsurer conducted its last consumer survey on stressful out-of-pocket (OOP) healthcare expenditure, the gap increased by 21%. Most of the gap stems from emerging Asia. In absolute terms, China accounts for over half the region’s HPG. This is due to its large population as well as growing household healthcare spending on more modern treatments.
The survey confirms that OOP healthcare spending remains a key driver of financial stress across Asia. In most markets, respondents reported feeling more burdened by medical expenses in 2024 than in 2017, a trend more pronounced in emerging economies like India. Government schemes to increase public healthcare coverage have expanded in several countries, including large-scale public insurance initiatives in Indonesia, India and Thailand.
Nevertheless, gaps remain in coverage adequacy and accessibility. For many households, chronic conditions and critical illnesses are the leading sources of stress-related spending, highlighting areas where better insurance protection is urgently needed.
Making insurance more affordable, accessible and sustainable is essential to close Asia’s protection gaps. Bundling life and health insurance simplifies administrative process and consumers appear to welcome protection combinations. Preventative care value added services are also popular and can avoid or contain the high costs of future complications. Insurers must also improve how the details of coverage are communicated, ensuring consumers are aware of and understand the real value of financial protection.