Asia: Online P&C personal lines market could attract premiums of $7.5bn over next 5 years
Source: Asia Insurance Review | Dec 2021
The digital P&C personal lines market could reach a cumulative $7.5bn in premiums over the next five years in South and Southeast Asia, according to research by Swiss Re Institute.
The organisation recently published the results of a survey undertaken across South and Southeast Asia to understand attitudes towards buying personal lines insurance (home, personal accident and employment) online. In the first research of its kind, Swiss Re polled 5,600 consumers in six countries – India, Singapore, Malaysia, Indonesia, Thailand and Vietnam.
Swiss Re Institute’s findings show that across all markets, resistance towards buying insurance online stems from a lack of an individual or agent to help explain what is perceived to be complicated policy wording and to offer guidance through the claims process. Nevertheless, 40% of consumers would prefer to buy personal lines insurance online, with India topping the list of markets ready to embrace digitalisation.
Online engagement presents a host of emerging risk protection opportunities for insurers. The survey found more than 20% of all respondents indicated concerns of receiving fake or poor-quality goods purchased on digital marketplaces. Gadget risk is also a key concern, with 77% of respondents indicating having experienced damage to their devices in the past three years. A