Asia’s insurance markets grow in 2024 on life, health gains

China led Asia’s life insurance recovery.

Asia’s insurance markets delivered solid growth in 2024, particularly in life and health segments, but continued to lag behind North America and Western Europe in overall market size and performance—especially in the property and casualty (P&C) sector.

Globally, the insurance industry grew by +8.6% in 2024, reaching $7.87t (EUR7.0t) in total premiums. 

Asia contributed significantly in life and health insurance, yet the region's P&C segment remained subdued, with only +4.0% growth compared to +8.2% in North America and +6.0% in Western Europe, according to Allianz’s “Global Insurance Report 2025: Rising demand for protection.”

Despite its large population, Asia’s P&C market remains smaller than Western Europe’s.

China led Asia’s life insurance recovery with a +15.4% growth rate, outperforming Western Europe (+7.1%) and contributing to the global life segment’s overall growth of +10.4%.

The increase was driven by higher interest rates, which supported premium income across markets.

Health insurance demand also remained strong in Asia, with premium growth of +12.6% in 2024. 

The segment continues to expand due to low penetration—below 1% in most countries except Taiwan—and limited public healthcare coverage. 

In contrast, the US continues to dominate the global health insurance market, accounting for around two-thirds of global premiums.

Whilst Asia’s life and health segments are showing clear growth potential, the region’s slower development in P&C limits its overall contribution to global premium growth. 

The term “growth markets” is increasingly being challenged, as North America outpaces Asia in key segments despite a smaller population base.

Looking forward, economic headwinds may affect the regional outlook. 

Diverging inflation trends and capital market volatility are also expected to impact insurer portfolios and planning across Asia.

As global insurance growth continues, Asia’s opportunity lies in expanding penetration and strengthening its P&C performance to keep pace with more mature markets.