Life Insurance Market in Southeast Asia 2016-2020

Life Insurance Market overview in Southeast Asia

According to the life insurance market analysis, Technavio’s market research analyst predicts the life insurance market in Southeast Asia to grow at a CAGR of about 8% during the forecast period. The solutions provided by the top life insurance vendors are optimizing the underwriting process in this market. This has led to a risk-based capital regime that is raising the capital demand for variable life annuities and could lead to a higher premium. Insurance companies are using the underwriting practices to help cut down the administration costs and curb risks through various regulatory compliance. This has increased the customers' demand for a more guaranteed assurance by the top life insurance vendors.

The emergence of new distribution channels such as the workplace is anticipated to aid the market growth during the forecast period. Many top life insurance vendors are formulating different strategies to target different customer segments through the use of integrated workplace-marketing tool machine. This makes it easier for life insurers to provide different life coverage policies. Moreover, companies are also clubbing different life insurance products and offering them as a single customer-friendly package. This has encouraged many employed policyholders to save money for their retirement and avail tax benefits on it.

Life insurance market segmentation in Southeast Asia by geography

• Singapore
• Indonesia
• Thailand
• The Philippines
• Malaysia
• Vietnam