Asians prioritise financial planning the most when falling ill: Peak Re

Six out of 10 Asians fear cyber security attacks.

An estimated 18% of consumers in Asia prioritise financial planning when getting sick, whilst access to top specialists had the same level of prioritisation, according to a survey by Peak Reinsurance.

“I hope this study can provide a rich data source on these emerging topics and foster quality dialogue about the upcoming trends and needs in emerging Asia. By sharing ideas, we can collectively better serve this segment and contribute to the closing of protection gaps,” Franz-Josef Hahn, Peak Re’s Chief Executive Officer, said.

Peak Re, a global reinsurer based in Hong Kong, has unveiled the key findings of its 2023 Asia Middle-Class Consumer Survey, conducted in collaboration with Intuit Research. 

The survey centres on consumer attitudes and needs related to health, mental well-being, and cybersecurity. Key findings include:

When faced with a serious illness diagnosis, consumers' disease information (13%) third, and obtaining a second medical opinion (12%) fourth.

43% of surveyed emerging middle-class individuals in Asia reported experiencing mental health symptoms in the past two years.

Approximately half of respondents noted that their insurance plans cover mental health-related expenses.

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“Mental wellness and cybersecurity are two of the key risks facing consumers worldwide, but with the rapid pace of digitalisation and the fast tempo of daily life, these are also pressing issues that deserve close attention in the Asia region. It is high time for the insurance industry to consider how we can help to offer better support and protect societies by building resilience around mental wellness and cybersecurity.” Clarence Wong, Chief Economist of Peak Re, stated.

65% of emerging middle-class Asians have encountered cybersecurity issues, such as cyberbullying, hacking, malware, phishing, or identity theft. Their primary concern is financial losses, alongside worries about personal credit ratings, daily life disruptions, and emotional harm.

The survey also tracked changes in attitudes and behaviours over the past year. It revealed that the emerging middle class in Asia remains optimistic, with 52% expecting upward mobility in 2023, compared to 51% in 2022. 

Despite a post-pandemic return to workplaces for over 50% of respondents, a hybrid working model remains popular. Moreover, respondents are engaging in a wider range of indoor and outdoor activities compared to the previous year.