Market Trends of Asia-Pacific InsurTech Industry
Non Life Insurance is Increasing with Higher Rate than the Life Insurance in Asia-Pacific Region.
The non-life insurance market consists of the general insurance market, which is segmented into motor, property, liability, and other insurance. The Asia-Pacific region is showing a strong growth rate in premiums and insurance premiums. The performance is mainly driven by China but is also buoyed by the positive performance in South Korea. However, some mature markets in the region, such as Japan, are struggling due to their rising population age and shifting consumer expectations. Motor-related non-life insurance is expected to be the market's most lucrative sector. High levels of household disposable income, alongside lower consumer confidence, will boost sales for non-life insurance products; however, low-interest rates will keep profits low.
India Dominates The Market
India being a pioneer in adopting technologies in industries, India is an attractive region for the market. The insurance and banking industries in India need high-level analytics. This is the growth factor for the Insurtech market in the region.
In India, many technology startups are coming up which increases the number of partnerships, acquisitions, collaborations, and competitions. Therefore, these factors increase the demand for insurance businesses and help in upgrading the business process with advanced technologies
