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China’s mainland under-insured, reports say
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CHINA’S mainland is the most under-insured market among major countries and regions in Asia, industrial reports said.
The protection gap, referring to the difference between the resources people have and those they will need to maintain living standards if a working family member can no longer provide, will reach US$46 in the mainland by 2020, nearly four times of India that comes at the second place with US$12 trillion, AIA said.
Hong Kong, Singapore, and Philippines take the third to fifth place with between US$763 billion, US$573 billion and US$528 billion respectively.
A previous report by Swiss Re noted that the gap for 13 Asia-Pacific markets has increased to US$58 trillion in 2014 from US$42 trillion in 2010.
In many markets the growth of life insurance coverage has lagged behind economic growth, increasing income and the cost of living, said Citi, AIA’s bancasurance partner.
“Taking insurance to protect future earnings and lifestyle should be a higher priority for consumers in the region,” said Anand, Selvakesari, head of consumer banking Asia Pacific of Citi. “More needs to be done to further increase the awareness of the benefits of insurance protection to the general public.”
Citi is to launch a campaign this year in Singapore, China, Indonesia, India, and the Philippines to raise public awareness for under-insurance.
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