Asia – new growth engine

In its overview of how advanced and emerging Asian markets have evolved over the past 50 years, sigma writes that over most of its 700-year history, the insurance industry has put down its deepest roots in Anglo-Saxon and European countries. This situation began to change right about the time the publication first appeared. The booming of an increasing number of Asian economies, led by Japan, gradually aided a more balanced distribution of insurance services across the globe.

Today, 18% of the world insurance market is attributable to advanced Asian economies, with emerging Asian markets accounting for another 15%. Moreover, China is already the second largest market behind the US. sigma concludes that given the recent steep increases in penetration levels and strong economic growth, China will likely remain an important motor of insurance market growth.