Aging in Asia: Inclusive Insurance Study on Seniors
About the Research
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Over 1.2 billion of the population in Asia will be over 65 by 2060,* driving increasing demand for senior insurance solutions. RGA's new study reveals critical insights into the needs, concerns, and preferences of aging consumers in Asia. Discover opportunities from our analysis of 1,636 respondents in China, Hong Kong, Japan, Taiwan, India, South Korea, Thailand, and Vietnam. Don't miss this comprehensive look at the rapidly evolving senior market in Asia.
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©2024, Reinsurance Group of America, Incorporated. All rights reserved. No part of this publication may be reproduced in any form without the prior permission of the publisher. For requests to reproduce in part or entirely, please contact: publications@rgare.com. RGA has made all reasonable efforts to ensure that the information provided in this publication is accurate at the time of inclusion and accepts no liability for any inaccuracies or omissions. None of the information or opinions contained in this publication should be construed as constituting medical advice.
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Top findings
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are happy with bank manager's or insurer’s digital channels
Most common critical illness concerns:
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Top existing medical conditions among survey respondents:
cancer
stroke
heart attack
dementia
(most common in Japan, Korea, and Taiwan)
hypertension
40%
high cholesterol
or diabetes
23%
of respondents in Japan, Korea, and Taiwan are not confident in public healthcare in the event of critical illnesses
42 - 69%
Previous insurance applications did not convert to purchase:
said coverage was declined
48%
respondents said portion of the coverage was declined due to existing conditions
up to
21 - 30%
see value in private health insurance, while
Respondents recognize the importance of insurance:
72%
51 - 55%
see value in annuities and ciritical illness coverage
ease of claims process
Top purchase drivers for private life and health insurance:
cost of premium
(i.e., affordability)
range of diseases covered
premiums too costly
Top purchase barriers are:
policies too difficult to understand
When it comes to purchase channels, the majority of respondents:
50%
35 - 37%
preferred agents
$
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*Source: U.S. Census Bureau
Aging in Asia:
Inclusive
Insurance Study
on Seniors
Checklist for Transaction Readiness:
Data cleanup and quality: Helps insurers avoid making assumptions about the population’s missing information, leading to higher accuracy and the need for fewer post-sale premium adjustments.
Plan provisions and benefit information: Clear and understandable description of plan provisions and benefits that helps insurers accurately reflect the most up-to-date assumptions.
Sample calculations for complex benefits: Understanding benefit structures through calculations helps in the interpretation of calculations and ensures consistency before transferring benefit administration to the insurer.
Mortality experience: High-quality experience data helps insurers set accurate assumptions about the population’s longevity.