Asia: Top 50 insurers affected by COVID-19 to varying extent
Source: Asia Insurance Review | Dec 2021
Gross premiums written in many Asian insurance markets declined in 2020 due to COVID-19, while the degree of impact varies by market, an analysis by European global consulting firm Roland Berger shows.
The analysis, summarised in a report entitled ‘Financial Performance of the Top 50 Insurers in Asian markets Study – 2021 Edition’, says that China is most capable of withstanding COVID adversity to achieve premium growth. China was the only market with notable growth rates in both life and non-life premiums in 2020, though premiums increased at a slower rate.
Fortunes were mixed in 2020 for other markets in the region. Japan, Singapore, Indonesia and South Korea, saw lower life and non-life premiums; Hong Kong, Taiwan and Thailand reported a decline in life premiums but growth in non-life premiums; Malaysia posted an increase in life premiums but a fall in non-life premiums; India saw zero growth in life premiums but an increase in non-life premiums.
No new insurer broke into the Top 50 last year, according to the review. In 2020, the top three Asian insurers (in terms of GWP) remained the same as in 2019 – that is they were Ping An, China Life and PICC. The Top 10 in terms of GWP comprised five Japanese, four Chinese and one Indian insurer. A