把握亚太区保险行业的发展机遇

Making the Most of Asia-Pacifi c’s Insurance Boom The region offers huge opportunities for insurers, but the rules of engagement are rapidly changing. This report was authored by Henrik Naujoks, Harshveer Singh, Mark Judah, Peter Stumbles and Pency Tam. Henrik, Harshveer, Mark and Peter are partners with Bain & Company’s Financial Services practice and are based in Hong Kong, Singapore, Melbourne and Sydney, respec-tively. Pency is the practice manager with Bain’s Financial Services practice in Asia-Pacifi c; she is based in Sydney.Net Promoter Score®, Net Promoter System®, Net Promoter® and NPS® are registered trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc.Copyright © 2019 Bain & Company, Inc. All rights reserved. Making the Most of Asia-Pacifi c’s Insurance BoomiContentsAt a glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 2Executive summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 21. The middle class is growing, and regulations are changing . . . . . . . . . . . . pg. 132. Distribution is becoming more digital . . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 173. Ecosystems are taking hold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 214. M&A opportunities abound in evolving markets . . . . . . . . . . . . . . . . . . . pg. 25 Making the Most of Asia-Pacifi c’s Insurance Boom2At a glance A rapidly expanding middle class in Asia-Pacifi c’s developing markets is triggering explosive demand for insurance. Deregulation in China, India and other markets has lifted barriers to foreign ownership, creating new openings for multinational insurers. In this sprawling, diverse region, insurers that prosper will develop a repeatable formula for success, venturing only into markets that align with their core strengths. Winners will understand the increasing importance of digital distribution, ecosystems and the customer experience.Executive summaryA region rich with promiseOpportunities abound for insurers doing business in Asia-Pacifi c. In China, India and parts of Southeast Asia, households are accumulating wealth, and the middle class is expanding rapidly. Total household wealth in the region is on pace to outstrip North America’s by 2023, according to projec-tions by Credit Suisse. In the same time frame, the number of middle-class households will reach 109 million in mainland China and 83 million in India, according to Euromonitor.As people become wealthier, they spend more—both on necessities, such as food and shelter, and on discretionary items, such as motorcycles and cars. As households accumulate more possessions, they tend to buy more insurance, particularly for homes and vehicles. In mainland China, for example, premium income from general insurance rose at an average annual rate of 13% from 2013 to 2017, and could double between 2020 and 2029, according to a forecast by Swiss Re.As living standards improve, so does access to medical care, spurring demand for health insurance. In many parts of Asia-Pacifi c, people are living longer and the population is aging, fueling the need for life insurance and related products that can help protect family living standards for the next generation. In the Chinese life insurance market, income from gross written premiums grew by about 25% annually from 2013 to 2017.While these sociodemographic shifts are driving up insurance needs, coverage remains low. Consumers in Asia-Pacifi c’s developing markets are signifi cantly underinsured. When it comes to life insurance, coverage often falls far short of the amount needed to replace household income in the event of the Making the Most of Asia-Pacifi c’s Insurance Boom3policyholder’s death. Collectively, 11 of the largest economies in Asia-Pacifi c were underprotected by around $58 trillion as of 2014, according to Swiss Re. Asians also aren’t saving enough for retirement, which means there is likely pent-up demand for the savings products sold by life insurers. Asia-Pacifi c households have set aside slightly more than half of the savings they will need for retirement, according to calculations by HSBC.One measure of insurance penetration, gross written premiums as a percentage of per-capita GDP, signals a signifi cant amount of unmet demand in Asia-Pacifi c’s developing markets. Penetration is less than 5% in India, Indonesia, mainland China and Malaysia, far below the rates in Hong Kong, Singapore and South Korea. Data from other developing markets shows that insurance purchases can increase dramatically as per-capita GDP rises. Along with these promising demographic and macroeconomic trends, multinational insurers eager to expand in Asia-Pacifi c can also benefi t from deregulation—particularly the easing of restrictions on foreign ownership of local insurers in mainland China, India and other markets. Navigating a diverse set of marketsThe