What Types Of Insurance Are There - Product Mix For Needs of Asian Consumers

What Types Of Insurance Are There

With the growing penetration of life insurance and the increasing wealth levels in Asia, it is natural that life products have been evolving. As one would expect, the product trends vary according to the maturity of the markets. While 10 years ago most insurers were selling basic protection and long-term savings products, the rapid wealth accumulation and increasing sophistication of consumers and booming equity markets have led to massive demand for investment-linked products in recent years (also known as unit-linked products). 

As such, insurers have been quite successful in penetrating the wealth-management market, which is probably the single largest market opportunity across Asia. For even more mature markets, such as Japan, with aging populations, retirement and health are likely to emerge as significant growth segments. Finally, niche areas such as Islamic insurance (takaful) are relevant for pockets of consumers whose needs are not met by the traditional insurance offerings.