Asia to add $1.1t in life premiums over the next 10 years

Singapore’s total insurance premiums rose 10.7% to $45.3b in 2025.

Asia remained the main driver of global life insurance growth in 2025, with premiums rising 9.9%.

According to Allianz Research's latest Global Insurance Report, China led the region with life insurance premiums growing 11.4%.

The report said Asia remained the world's largest life insurance market, supported by ageing populations, high savings rates and less comprehensive public pension systems.

Allianz expects the region to continue leading growth as demand for private retirement and protection products increases.

The region's general insurance market, however, grew at a slower pace.

Property and casualty (P&C) premiums in Asia rose 4.0% in 2025, compared with global growth of 3.8%.

This was below Western Europe's 5.3% growth as the global market moved towards more normal pricing conditions.

Health insurance remained another key growth area in Asia.

Whilst global health insurance premiums increased 12.3% in 2025, Allianz said long-term growth potential in Asia remains strong because health insurance penetration is still below 1% in almost all markets.

Singapore outperformed the wider region, with total insurance premiums rising 10.7% to $45.3b (EUR39.7b) in 2025.

Life insurance premiums increased 10.8%, above the 2015-2025 average growth rate of 7.5%. Property and casualty premiums rose 8.3%, whilst health insurance premiums grew 12.6%.

Looking ahead, Allianz expects Asia to remain the insurance industry's main growth market over the next decade.

Insurance premiums in Asia, excluding Japan and China, are forecast to grow at a compound annual rate of 6.8% through 2036, whilst China is expected to grow 7.3% annually.

More than half of the additional $2.3t (EUR1.99t) in global life insurance premiums expected over the next 10 years will come from wider Asia, contributing $1.1t (EUR1.00t).

Allianz also expects India and China to gain almost four percentage points of global insurance market share by 2036 as the industry's centre of growth continues to shift eastward.

($1.00 = EUR0.88)