Property and health lines drive Asia’s insurance growth trends

Property insurance remains a major segment in Singapore.

Property, health, and specialty insurance lines are seeing uneven growth across Asia as market structures and regulations continue to evolve, according to Gallagher Re’s APAC Market Watch 2025.

Property insurance remains a major segment in mature markets such as Singapore, where it accounts for more than 30% of total premiums. 

The line also dominates in countries frequently hit by natural disasters, including Australia, New Zealand, the Philippines, and Vietnam.

Health and personal accident (PA) insurance, meanwhile, has become the leading segment in several fast-growing markets. 

It now makes up 34% of premiums in Hong Kong, 39% in India, and 30% in Vietnam.

Specialty lines such as cyber and directors’ and officers’ (D&O) liability, along with casualty insurance, are expanding in Hong Kong, Singapore, and Japan. 

In Indonesia, credit insurance is the second-largest business line, although performance remains under pressure.

Between 2021 and 2024, the strongest growth came from PA/health and property lines, whilst motor insurance contracted in most markets.

All mature Asian markets now operate under risk-based capital (RBC) solvency frameworks, following Hong Kong’s adoption of the regime in July 2024. 

In emerging markets, regulators are moving ahead with sustainability-related compliance efforts to align more closely with the standards of mature economies in the region.