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Life Insurance Market Southeast Asia 2016-2020

About the Life Insurance Market in Southeast Asia

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.

Technavio’s 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:

  • Singapore
  • Indonesia
  • Thailand
  • Philippines
  • Malaysia
  • Vietnam
Technavio's 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.

Key vendors
  • AIA Group
  • Manulife
  • Prudential Financial
Other prominent vendors
  • Aviva
  • AXA
  • Great Eastern Life
  • HSBC
  • NTUC Income
  • Tokyo Marine
Market driver
  • Creation of favorable environments to improve profitability
  • For a full, detailed list, view our report
Market challenge
  • Lack of financial models
  • For a full, detailed list, view our report
Market trend
  • Rise in use of BPO for closed-book operations
  • For a full, detailed list, view our report
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?

Press Release

Technavio Announces the Publication of its Research Report – Life Insurance Market in Southeast Asia 2016-2020

Technavio 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 Technavio’s 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.

Companies Mentioned

AIA Group, Manulife, Prudential Financial, Aviva, AXA, Great Eastern Life, HSBC, NTUC Income, Tokyo Marine.

  • Executive summary
    • Highlights
  • Scope of the report
    • Market overview
    • Top-vendor offerings
      • Table Product offerings
  • Market research methodology
    • Research methodology
    • Economic indicators
  • Introduction
    • Key market highlights
      • Table Investments involved in life insurance policies
  • Market landscape
    • Market overview
      • Table Two fundamental principles of life insurance
      • Table Personal uses of life insurance business
      • Table Types of life insurance
      • Table Benefits of mandatory coverage
    • Market size and forecast
      • Table Life insurance market in Southeast Asia 2015-2020 ($ billions)
    • Five forces analysis
      • Table Five forces analysis
  • Country segmentation
    • Country segmentation
      • Table Country segmentation 2015
    • Singapore
      • Table Life insurance market in Singapore 2015-2020 ($ billions)
    • Indonesia
      • Table Life insurance market in Indonesia 2015-2020 ($ billions)
    • Thailand
      • Table Life insurance market in Thailand 2015-2020 ($ billions)
    • Philippines
      • Table Life insurance market in the Philippines 2015-2020 ($ billions)
    • Malaysia
      • Table Life insurance market in Malaysia 2015-2020 ($ billions)
    • Vietnam
      • Table Life insurance market in Vietnam 2015-2020 ($ billions)
  • Market drivers
    • Table Features of whole life insurance policy
  • Impact of drivers
    • Table Impact of drivers
  • Market challenges
  • Impact of drivers and challenges
    • Table Impact of drivers and challenges
  • Market trends
  • Vendor landscape
    • Competitive landscape
      • Table Factors driving customer satisfaction
      • Table Customer connectivity
      • Table Innovations in customer services
      • Table Global High Net Worth Individuals 2015
      • Table Country wise average life expectancy 2015
      • Table Global aging population 2015 and 2030
    • Other prominent vendors
    • Competition business overview
      • Table Competition financials, 2014
      • Table Financials of AIA Group 2015
      • Table Financials of Manulife 2015
      • Table Financials of Prudential Financial 2015
    • Recent developments
    • Key takeaways
  • Appendix
    • List of abbreviations
  • Explore Technavio

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