Asia Pacific: 2028 forecasts for the non-life insurance market

According to estimates by GlobalData, the turnover of the non-life insurance market in Asia Pacific will rise from 100.8 billion USD in 2024 to 152.2 billion USD in 2028.

The non-life market will be dominated by China, which will account for 36% of total premiums written in the region in 2024. This country would be followed by Japan and Australia, with market shares of 23.5% and 15.7% respectively in 2024.

Growth in the sector is expected to be underpinned by disciplined underwriting practices, growth in fire and comprehensive home insurance premiums, favourable regulatory changes and the adoption of advanced technologies such as artificial intelligence.