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Beyond Coverage: The Social and Economic Impact of Insurance in ASEAN
At Prudential, we believe insurance is more than a safety net; it’s a strategic enabler of inclusive growth, sustainable development, and economic resilience.
Our research, “Beyond Coverage – The Social and Economic Impact of Insurance in ASEAN”, explores how expanding non-life insurance (including health insurance) and life insurance across six selected ASEAN countries — Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam (“ASEAN-6”) — can transform lives and economies.
Based on robust econometric modelling, insurance is shown to have a positive influence on economic growth across three scenarios in ASEAN-6, driving additional growth in GDP per capita as well as total GDP.
Through providing financial protection, promoting economic stability and fostering resilience against unforeseen risks, health and life insurance have shown to also contribute to the United Nations’ Sustainable Development Goals.
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.
In ASEAN’s fast-growing economies, insurance is a strategic tool that benefits individuals, businesses, communities, and governments.
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 pooling risks and protecting households, insurance lays the foundation for long-term, inclusive growth and resilient communities.
Download our “Beyond Coverage – The Social and Economic Impact of Insurance in ASEAN” report to explore the full findings, data insights, and policy recommendations in harnessing the potential of the insurance sector in ASEAN.
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