Asia Pacific Embedded Insurance Business and Investment Opportunities - Q1 2022 Update

According to the Q4 2021 Embedded Finance Survey, Embedded Insurance industry in the region is expected to grow by 32.3% on annual basis to reach US$24,127.3 million in 2022.

The embedded insurance industry is expected to grow steadily over the forecast period, recording a CAGR of 21.6% during 2022-2029. The embedded insurance revenues in the region will increase from US$24,127.3 million in 2022 to reach US$71,855.4 million by 2029.

The Asia Pacific is the largest embedded insurance market. The region is home to one-third of the world's population and one of the world's fastest-growing economies. The most significant number of insurtech firms are emerging in China and India. This is primarily due to a large uninsured population and the strong growth of the fintech industry.

Insurers and insurtech firms are widely experimenting with new insurance offerings, distribution models, and technological advancements resulting in innovations. In the recent four to eight quarters, there has been a significant increase in the number of funds raised by market players in the embedded insurance ecosystem.

Additionally, substantial growth in digitization in emerging countries such as Indonesia, Malaysia, Thailand, India is attracting the attention of market players. However, the number of technology companies trying to underwrite and sell policies will be limited in the region due to regulatory restrictions on issuing carrier licenses.

Insurers are making strategic investments in insurtech firms to expand their digital distribution channels

Leading insurance companies are planning to expand their operations across the globe, taking advantage of the tremendous growth opportunity that exists in the global embedded insurance industry. For instance,

• In September 2021, Singapore-based insurance provider Sompo Holdings (Asia) Pte. Ltd. (Sompo Asia) made an investment in Cover Genius, a United States-based insurtech firm and embedded insurance company.
• This is a strategic move by Sompo Holdings to expand its distribution channels in the embedded insurance market by leveraging Cover Genius' global network.
• Cover Genius has many e-commerce platforms as partners in multiple industries, including Booking Holdings, Skyscanner, Ola, Intuit, Shopee, and other well-known leading brands, across the globe.
• According to Sompo Holdings, the company is planning to utilize Cover Genius’s client network to embed its insurance products and enhance distribution channels.
• Conversely, Cover Genius will utilize the support from Sompo Holdings to expand its global insurance distribution platform.

New embedded insurance products are being launched by market players to tap the growing demand for goods in transit protection

Over the last few quarters, the e-commerce industry has been one of the fastest-growing Asia-Pacific sectors. The domination of the Asia-Pacific e-commerce market is due to the massive increase in digital sales and the existence of e-commerce giants such as Alibaba, JD. Com, Flipkart, and Shoppe, in the region.

Covid-19 has accelerated the expansion of the e-commerce market, with the sector expected to expand further over the next four to eight quarters. Increased number of merchants partnered with e-commerce giants to continue their businesses during the lockdown.

This strong growth in the e-commerce industry has resulted in tremendous demand growth for insuring goods in transit. Moreover, Insurance companies and insurtech firms are launching new products to cater to the fast-growing demand for protecting goods in transit. For instance,

• In August 2021, Australian Insurtech Agile launched embedded insurance for inland transit. Agile Underwriting Services has added inland transit to its ever-expanding product portfolio.

This report provides regional insights into key trends and drivers along with a detailed data centric analysis of market opportunities in embedded insurance industry at regional and country level. Region and countries included in this report are:

1. Asia Pacific
2. Australia
3. Bangladesh
4. China
5. India
6. Indonesia
7. Japan
8. Malaysia
9. South Korea
10. Philippines
11. Singapore
12. Taiwan
13. Thailand
14. Vietnam

Scope

This report provides regional insights, along with an in-depth data centric analysis of the Embedded Insurance industry in the Asia Pacific, covering 50+ KPIs for each region and country (220+ charts and 160+ tables in all). Below is a summary of key market segments:

Embedded Insurance Market Size and Forecast

Embedded Insurance by Industry, 2020 - 2029

• Embedded Insurance in Consumer Products
• Embedded Insurance in Travel & Hospitality
• Embedded Insurance in Automotive
• Embedded Insurance in Healthcare
• Embedded Insurance in Real Estate
• Embedded Insurance in Transport & Logistics
• Embedded Insurance in Others

Embedded Insurance by Insurance Type, 2020 - 2029

• Embedded Insurance in Life Segment
• Embedded Insurance in Non-Life Segment

Embedded Insurance by Type of Offering, 2020 - 2029

• Embedded Insurance in Product Segment
• Embedded Insurance in Service Segment

All the regional and country reports cover the following charts and tables:

List of Figures

Figure 1: Methodology Framework
Figure 2: Embedded Insurance - Revenue (US$ Million), 2020-2029
Figure 3: Market Share Analysis by Type of Insurance (%), 2020-2029
Figure 4: Life Insurance - Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 5: Non-Life Insurance - Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 6: Market Share Analysis by End Use Industry Segments, 2021 Vs. 2029
Figure 7: Consumer Products - Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 8: Travel & Hospitality - Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 9: Automotive - Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 10: Healthcare - Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 11: Real Estate - Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 12: Transport & Logistics - Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 13: Other - Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 14: Market Share Analysis by Type of Offering (%), 2020-2029
Figure 15: Product Based Insurance - Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 16: Service Based Insurance - Embedded Insurance Industry Revenue (US$ Million), 2020-2029

List of Tables

Table 1: Embedded Insurance - Revenue (US$ Million), 2020-2029
Table 2: Life Insurance - Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 3: Non-Life Insurance - Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 4: Consumer Products - Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 5: Travel & Hospitality - Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 6: Automotive - Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
Table 7: Healthcare - Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 8: Real Estate - Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 9: Transport & Logistics - Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 10: Other - Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 11: Product Based Insurance - Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 12: Service Based Insurance - Embedded Insurance Industry Revenue (US$ Million), 2020-2029

Reasons to buy

• In-depth Understanding of Embedded Finance Market Dynamics: Understand market opportunities and key trends along with forecast (2019-2028).
• Insights into Opportunity by end-use sectors - Get market dynamics by end-use sectors to assess emerging opportunity across various end-use sectors.
• Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate embedded finance strategy; assess market specific key trends, drivers, and risks in the industry.
• Get Sector Insights: Drawing from proprietary survey results, this report identifies opportunities across embedded lending, embedded insurance, embedded finance, and embedded wealth sectors.