As populations across Asia continue to age rapidly-particularly in markets like Hong Kong, Singapore, Japan, Korea and even in mainland China-the insurance industry finds itself at a critical juncture. A recent roundtable hosted by Verisk gathered industry experts to examine the multifaceted impacts of ageing and rising chronic illnesses on healthcare and insurance, and how these challenges could reshape the sector in the next decade.
A twin crisis: ageing and chronic conditions
AXA Life & Health Reinsurance CEO Laurent Pochat-Cottilloux noted that while ageing populations present an obvious challenge, there's a broader and more insidious trend at play: the general deterioration of health across all age groups. “We're not just running out of young, healthy lives,” he said. “Even in their 30s and 40s, people are increasingly affected by lifestyle-related conditions such as obesity, hypertension, and diabetes.”
These noncommunicable diseases (NCDs), often byproducts of affluence and sedentary lifestyles, are becoming prevalent in emerging markets as well, from Indonesia to Mexico. This rise in chronic illness is decoupled from ageing alone—it’s a symptom of socioeconomic development and global lifestyle shifts.
The insurance coverage gap
Yet despite the pressing nature of these health challenges, the industry has been slow to adapt. Verisk head of life Jeff Cook highlighted that insurance products are still heavily geared toward younger, healthier populations. “Our sweet spot has always been the 30 to 50 age group,” he said. “Distributors lack confidence when it comes to selling products to older individuals. It’s a slower process, and the disappointment levels arising from extra premiums being applied or where rejection rates are higher adds to the negativity.”
This hesitation has left a significant segment of the population underinsured just as their healthcare needs are intensifying. For insurers, it’s not just a missed opportunity—it’s a looming crisis of relevance.
Singapore: a case study in lagging impact
Prudential chief health officer Sidharth Kachroo, talking about the health insurance perspective in Singapore, argued that the ageing wave hasn’t fully crashed into the private health insurance system yet. “The majority of private insureds are still relatively young,” he explained, noting that Singapore’s Integrated Shield plans—which make up the bulk of private coverage—were only introduced about 15–20 years ago. As such, even the oldest policyholders are only now entering their 50s.
However, he acknowledged that change is coming. Within the next decade, ageing will indeed begin to reshape health insurance portfolios. For now, the most pressing concern isn’t chronic diseases associated with ageing—but cancer. “We’re seeing rising cancer rates, even among people in their 30s,” he said. “This is a real and immediate cost burden, and it’s where we’re seeing the biggest financial impact today.”
Rethinking the purpose of insurance in ageing societies
As the conversation shifted to long-term care and support for the elderly, Amplify Health chief commercial officer Leong Siaowearn shared her experience in Singapore’s public healthcare system. Her work on the Health District programme—designed to support ageing in place—highlighted the need to move beyond hospitalisation coverage. “As people age into their 70s and 80s, it’s no longer just about medical bills. It’s about function, independence, and the impact on caregivers,” she said.
She called for a new generation of insurance products that go beyond income replacement or hospital reimbursement. These would include services to support ageing at home, community-based care, and potentially even benefits for caregivers who might otherwise be forced to leave the workforce.
Actuaries OnTap founder and CEO Alex King added that this shift in focus also reflects consumer priorities. “The decision-maker might not be the elderly person, but their adult child,” he said. “We need to design insurance that gives them peace of mind—that their parents will be well cared for and won’t be a financial burden.”
New models, new data, new hope
In Hong Kong, Hannover Re Hong Kong general manager Marian Leung described how insurers are already exploring integrated retirement ecosystems in mainland China—offering retirement homes with bundled healthcare and preferential access for insurance customers. “It’s about building a full ecosystem,” she said, “and encouraging younger people to save early in exchange for future security.”
She also emphasised the value of data and technology. Singapore, with its highly digitised population, offers an excellent testbed for refining ageing-related risk models. Additionally, emerging medical innovations, such as experimental treatments for Alzheimer’s in China, present new opportunities for insurers to reduce long-term costs and improve quality of life.
Charting the future
What emerged clearly from the roundtable is that the insurance industry must pivot—urgently and deliberately—to remain relevant in ageing societies. This means:
- Expanding product portfolios to address older age groups and complex chronic conditions.
- Rethinking distribution strategies to instil confidence in agents serving senior markets.
- Designing for caregiving and independence, not just hospital stays.
- Leveraging data and HealthTech to refine underwriting and manage long-term risks.
The demographic wave is not just coming—it’s already here. For insurers, the question is no longer whether to adapt, but how fast and how boldly they can evolve to meet the needs of a rapidly ageing world.
This roundtable on health insurance in Asia was hosted by Verisk and co-organised by Asia Insurance Review.