Growth In Emerging Asia To Fuel Need For Risk Protection: Peak Re

According to a recent report from Peak Re, the growing middle class in Asia exhibits definite signs of optimism despite current economic challenges.

Future economic prosperity is expected to increase demand for additional risk mitigation and protection solutions, which will present “significant opportunities for the re/insurance sector.”

ALSO, READ Kin Says Hurricane Ian Loss To Remain Within Reinsurance Tower

In comparison to its counterparts in mature Asia, the developing Asian middle class is evidently more confident about its financial security, social mobility, and the success of its offspring.

The middle class in emerging Asia is more concerned with their health and more likely to adopt health-promoting behaviors while being mindful of the significant financial burden that medical bills carry.

In terms of personal finances, based on the survey, middle-class people in emerging Asia are also more confident about their financial literacy and more disciplined about spending and saving.

This optimism is reflected in the fact that more of them have ambitions to become entrepreneurs or expect employers to improve their work-life balance.

Growth In Emerging Asia To Fuel Need For Risk Protection: Peak Re

Franz Josef Hahn, CEO of Peak Re, said: “Emerging Asia’s share of world GDP has increased significantly from 5% in 1990 to an estimated 26% in 2022, according to the IMF2. Despite cyclical economic challenges, emerging Asia is expected to remain the fastest-growing region in the world over the next decade.

“With higher income levels and the rise of the middle class, there are significant opportunities for insurers and reinsurers to offer risk mitigation and protection solutions. Since 2012, Peak Re’s mandate to support the emerging Asian middle class has made it well-positioned to benefit from this tremendous growth.”

ALSO, READ Peak Re Appoints Piotr Nowakowski As Chief Underwriting Officer

He added: “The results of Peak Re’s large-scale consumer survey on the emerging Asian middle class will contribute to a better understanding of the needs and preferences of this important customer segment and stimulate the dialogue between Peak Re and its customers and partners to serve these consumers better.”

The report was done online between 28 March and 22 April this year and spoke to roughly 6,500 respondents from Malaysia, Indonesia, Thailand, Vietnam, the Philippines, China, India, Hong Kong, Japan, and Korea.

AllInsuranceHUB is a blog for everyone who seeks an informative, educative, and knowledge-based online insurance and investment community. We share Biographies, Top-notch investment tips, finance news, insurance policy details and much more. You can read and share thoughts, ideas, and opinions on the finance market and get real-time updates from around the globe.