Asia’s insurance sector gets a pandemic push

INSURERS in Asia saw overall margins and profits from new business rebound last year from the 2020 lows, partly owing to how the pandemic pushed solutions for life and health protection to the forefront for consumers. At the same time, the Covid-19-led downturn has also spurred insurers to reinvent products and deepen engagement with customers. 

While headwinds abound currently, industry players and observers say Asia’s emerging markets continue to hold vast potential for insurers and will enable them to ride the region’s growth spurts.

Great Eastern, AIA and Prudential Singapore - the 3 largest life insurers in Singapore - all saw net profits fall year on year in 2020 amid downward pressure on premiums, higher claims and market volatility. In 2021, however, earnings rebounded.