ICMIF Supporting Member Peak Re, a Hong Kong-based global reinsurer, has announced the key findings of its flagship 2024 Asia Middle-Class Consumer Survey. In the 2024 study, Peak Re focused on the role of family, the need for old age care, the rising importance of the women consumer groups, the importance of home insurance and consumers’ experience with insurance claims.

This is the third edition of the survey, and Peak Re says the report delves into the detailed dynamics of risk and insurance behaviour/preferences and it contains valuable insights for insurers who are looking to cater for this growing middle-class market.

According to the reinsurer, one of the most striking findings is how central the role of the family is for Asia’s middle classes and that this should be a key consideration for insurers and they need to concentrate on developing products that provide financial security but which also resonate with family values.

The report also includes insights on different segments of women within the middle class in Asia and that each has distinct insurance needs/preferences. Old age care, for both men and women, is another key topic covered in the report.

The comprehensive survey, conducted in collaboration with Intuit Research, covered over 7,000 middle-class consumers from China, India, Indonesia, Malaysia, the Philippines and Vietnam.

Some of the key findings include:

• Self-reliance evident as primary source of funding for elderly care – The survey found middle-class Asian consumers expect their own savings, insurance, and family support to be their main sources of finance. On the other hand, there is generally a low reliance on government’s support.
• Care services most needed in old age – Health check-ups, living close to family members and advice on how to retain a healthy lifestyle are the top type of services middle-class Asians would need the most for aging parents. These services are consistently valued across different countries, reflecting common concerns and priorities among middle-class families in Emerging Asia.
• Consumers prefer home care as long as they can in old age – survey findings indicate most consumers would rather stay at home and be looked after by family members, especially their partners. China shows a slightly distinct pattern, with stronger preference for staying in public old-age care facilities compared to other markets.

Franz-Josef Hahn, Peak Re’s Chief Executive Officer, said: “This survey underscores our commitment to bringing resilience and supporting economic growth for the middle class in emerging Asia. By helping the industry better understand their needs, we aim to provide innovative solutions and contribute to the sustainability of these communities and beyond.”

The report is available for download here.