Non-life Insurance Trends Emerging in Asia

The non-life insurance landscape in Asia is undergoing rapid transformation, driven by technological advancements, changing consumer needs, and evolving risk landscapes. As we navigate through 2024 and into 2025, the industry continues to show robust growth, presenting both exciting opportunities and unique challenges for insurers, professionals, and stakeholders alike.

Drawing insights from our specialist recruitment team and industry experts, we'll delve into how these trends are not only reshaping the market but also influencing hiring patterns and skill requirements across the region. Whether you're an insurance professional, a job seeker, or a business leader, understanding these trends is crucial for navigating the evolving insurance landscape in Asia.

Key takeaways

•  AI adoption in insurance is increasing, driving demand for AI-skilled professionals.
•  EV and hybrid insurance market is growing rapidly, creating new specialist roles.
• Geopolitical risks are boosting credit insurance demand and related job opportunities.

AI helps streamline insurance processes

Our Senior Recruitment Consultant, Audrey Wightman, discusses how AI is on the rise.

“I’ve been working with a variety of major insurers and SME’s within Singapore and can see that more and more are investing in the AI tools they use to streamline often complicated and time-consuming processes. The demand for AI related skills from insurance professionals is also increasing with the increase in implementation, meaning job seekers should consider learning new skills to boost their prospects.”

MSIG Insurance are an example of a company leading the way, in how they have used AI to simplify the buying process for SMEs through WhatsApp. They’ve incorporated a WhatsApp chatbot to automate quotations, and more businesses are following suit to increase efficiency.

Hybrid and Electric Vehicle (EV) insurance expected to grow

The EV Insurance and Hybrid Insurance markets are showing signs of grow – specifically predicted to grow over 16% over the next 6 years – as recently highlighted in a study by HTF Market Intelligence. As the adoption of electric vehicles increases, and with it, the market challenges it faces, this creates a significant opportunity for insurers to widen their specialised services.

Our Non-life Insurance Team Leader, Tiffany Lam, comments on the growth of EV insurance.

“Particularly, with our clients in Hong Kong and China, we have seen an expansion of services, and therefore an increase in the need for specialists including Underwriters, Brokers, Account Managers and Risk Managers. It’s an exciting time to be working in Insurance, as these new services start to emerge.”

Climate extremes impacting insurance

Sam Wolstenholme, Insurance Principal Team Leader, has been working with major specialist insurers in Hong Kong, and summarises the key trends around how climate is impacting insurance.

“Extreme weather events across the world are driving up insurance, and often making offerings unsustainable. The recent Typhoon in the Philippines struck 13 million people, wildfires in Greece have cost millions, and flows are affecting hundreds of thousands of people in Africa. Homes are sometimes becoming uninsurable, with others being priced out of being able to afford it.  

“These extreme conditions, mean more people and businesses require insurance, and so insurers need to hire more specialists to account for the increased demand. However, if the weather extremes continue, it could have a detrimental effect on the insurance market, and its growth capability.”

Reinsurance market remains stable for 2024 into 2025

Sam continued with his thoughts on the reinsurance market.

“We work with a number of reinsurers, who continue to invest in the best talent for their niche businesses. A recent report by Finch Ratings showed that net premiums for non-life reinsurance increased by 6% in 2024, vs. the same period in 2023, showing positive performance amid favourable market conditions.”

Credit insurance is rising as business safeguard against heightened geopolitical risk

The world is undergoing a combined period of uncertainty when it comes to the geopolitical climate, but even with that, the global economy is set to grow 3% in 2024. According to the International Credit Insurance and Surety Association (ICISA), credit insurers have underwritten nearly USD 3 trillion in trade globally.

Tiffany highlighted how the geopolitical risks in China, the US and the Middle East have resulted in more trade credit protection being purchased by businesses.

“The role of credit insurers such as Alliance Insurance and Howden Insurance Brokers, help businesses mitigate these risks. We’re seeing an increase in the demand for Business Development Managers, Underwriters, Equity Brokers, and Global Case Managers particularly in this area.”

Improved cyber hygiene leads to increased job opportunities

As the cost of cyber insurance continues to drop, Audrey discusses the trends.

“Although cyber attacks are a real problem for all businesses, there has been a continued improvement in the cyber hygiene of insurers and businesses. In fact, leading the way is Singapore, who have seen a 96% cyber insurance adoption rates.”

“By improving their cyber security, it has improved their cyber insurance position. With this rise in the demand for cyber insurance, we have seen an increase in the demand for specialists working in in the areas too, particularly around risk, security, and analytics in Singapore.”

Partner with our specialist team

Our non-life insurance team keep up to date on the latest insights and trends affecting the market across Asia.

If you would like to work with them on a new hiring requirement, or you are looking for a new specialist job opportunity, contact us today.

You can send in your CV to the team here.

Or you can send in a job requirement here.

Connect with our non-life insurance team here: Sam Wolstenholme, Tiffany Lam, Audrey Wightman.