Demand for coverage in Asia to boom

ASIAN appetite for insurance products should boom next year, outpacing growth in developed markets, Swiss Re said yesterday.

The reinsurer forecasts a 4.4 per cent jump in life insurance premiums, up from just 0.6 per cent growth this year, as affluent Asian populations seek out more savings and protection products.

The news bodes well for Asia-focused insurer Prudential.

“Emerging Asia is forecasted to continue to outperform developed markets,” said Clarence Wong, Swiss Re’s chief economist for Asia. Non-life premiums are expected to rise six per cent in 2012 after 8.1 per cent this year.