A recent report from S&P Global Ratings forecasts growth in the Asia-Pacific life insurance sector, though prospects vary across regions.

Growth is likely for life insurance providers in some APAC markets according to Asia-Pacific Insurance Sector Trends — Returning To Fundamentals As Undercurrents Unfold, a report from S&P Global Ratings (S&P).

Broadly, the drivers include increased insurance awareness post-COVID, managing savings in a time of moving interest rates, a still-wide protection gap and an ageing demographic.

Australia and New Zealand

In Australia, S&P has reasonably flat expectations due to a moderating rate of growth.

“There have been ongoing, large premium rate increases over the last few years,” says Michael Vine, director, Financial Services Ratings at S&P Melbourne.

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