Almost half of APAC residents seek new insurance policies

85% in China expect insurance companies to payout valid claims.

Almost half or 46% of 2,500 respondents in Asia Pacific searched for new insurance policies, according to Swiss Re’s COVID-19 Consumer Survey. Amongst respondents, 32% have already bought a new policy.

The survey reported that many are prioritising insurance as a must have, with 27% of respondents overwhelmed and anxious about their financial future. In addition, around 40% said they were stretched but coping.

In China, 85% expect that insurance companies would pay out valid claims. Meanwhile, more than half echoed the same sentiment in Australia (54%), Hong Kong (56%) and Singapore (59%).

Immediate financial aid was also a requirement in Singapore (57%), Hong Kong (47%), and Australia (44%), whilst priority access to healthcare products is the service that respondents in Hong Kong (66%) and China (67%) requires. In particular, Australians want a pause with their premiums, or a discount on future insurance purchases.

This opens opportunities for insurers looking to add more features to appeal to consumers. Processing policies online from start to finish is a top consideration for 67% of the respondents in selecting an insurer, with Chinese respondents topping the survey at 77%.

In addition, 50% of the respondents had their insurers reach out to them, with at least 75% in China recently engaging with their insurer or researching riders or new policies. In contrast, only 14% researched or engaged with their insurer in Australia.

The survey found that more Australians are willing to sacrifice their life insurance over home or car insurance, whilst only a quarter in Singapore and one in five in Hong Kong would let go if pressed financially.

The report also noted that the primary health concern for 64% of respondents is based on social disruption, whilst 49% are concerned about the inability to take care of others. Australians are mostly worried about their mental health, whilst lack of exercise is a bigger concern for those in Hong Kong and mainland China.