Asians spend 30 times less on insurance than Americans

Despite major markets like China and Japan, per capita spending remains modest.

Asian insurance markets are projected to see significantly lower per capita spending compared to the United States, with a considerable gap expected to widen in the coming years. Data from AltIndex.com highlights that by 2028, Americans will spend an average of $15,000 annually on insurance—approximately 30 times more than the average Asian.

The disparity in spending is primarily due to the unique structure of the US insurance market, where private health insurance plays a dominant role, driving up overall per capita costs. 

In contrast, many Asian countries have different healthcare and insurance frameworks, often with substantial government involvement or lower reliance on private insurance, which keeps per capita spending at a much lower level.

Whilst major insurance markets like China and Japan contribute significantly to global premiums, their per capita spending remains modest when compared to the United States. 

As the US market continues to grow, driven by high levels of wealth and an insurance-dependent healthcare system, the gap between American and Asian insurance spending is expected to expand further.

By 2028, insurance spending per capita in Asia will remain a fraction of that in the US, underscoring the stark differences in how insurance is integrated into the financial landscapes of these regions.