Beyond Coverage: The Social and Economic Impact of Insurance in ASEAN

Unlocking the power of protection for inclusive growth

At Prudential, we believe insurance is not just a safety net, but a powerful driver of inclusive development and resilience.

Our research, “Beyond Coverage – The Social and Economic Impact of Insurance in ASEAN”, explores how expanding non-life insurance (inclusive of health insurance) and life insurance across six ASEAN countries — Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam (“ASEAN-6”) — can transform economies and lives.

Supercharging economic growth

Based on quantitative modelling of annual data from 1999 to 2019 for the six countries, insurance is shown to play a crucial role in fueling long-term economic growth across three scenarios between 2023 and 2050 in ASEAN-6, driving increase in GDP per capita as well as total GDP.

Supporting the Sustainable Development Goals

Through providing financial protection, promoting economic stability and fostering resilience against unforeseen risks, insurance has shown to also contribute to the United Nations’ SDGs.

Health and life insurance helps improve access to preventive care, diagnostics, and treatment. Insurers offer financial protection, encourage early detection, and promote healthier behaviours – providing vulnerable populations peace of mind.

Health and life insurance boosts labour force participation and productivity through financial and health security. Life insurers also mobilise long-term capital for job-creating investments in infrastructure, housing, and green energy.

Insurance supports the financing of green infrastructure and expands access to services. Life and health insurers drive sustainable investment, embed ESG principles, and promote digital innovation to improve financial inclusion.

Insurance addresses climate-related health risks and funding climate-resilient infrastructure. Through responsible investing, ESG integration, and green financing, insurers play a key role in advancing climate action.

Insurance fosters global partnerships with governments, NGOs, and other stakeholders to address health and social challenges. These collaborations drive inclusive development through shared resources, data, and innovative microinsurance solutions for underserved communities.

Insurance as a strategic tool for ASEAN

In ASEAN’s fast-growing economies, insurance lays the groundwork for individuals, businesses, communities, and governments to flourish.

For individuals: insurance improves public health, keeps children in school, and ensures better working conditions

For businesses: it stabilises operations, helps manage market shocks

For communities and governments: the effects of insurance support national development goals and encourage investment in critical infrastructure

By delivering essential risk protection and fostering financial stability, the continued expansion of insurance throughout ASEAN opens new horizons of opportunity, empowers economic development and enhances social welfare.

Download our "Beyond Coverage – The Social and Economic Impact of Insurance in ASEAN" report to explore the full findings, data insights, and initial policy recommendations in capturing the benefits of insurance in ASEAN.

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