ICMIF Supporting Member Peak Re, a Hong Kong-based global reinsurer, has announced the key findings of its flagship 2023 Asia Middle-Class Consumer Survey*. This year’s study, done in collaboration with Intuit Research, focuses on consumers’ needs and attitudes towards health, mental well-being and cybersecurity. Some of the key findings include:
- When diagnosed with a serious illness, consumers are most in need of financial planning (18%), access to the best specialists (18%), information on the disease (13%) and getting a second medical opinion (12%).
- 43% of the sampled emerging Asia middle-class surveyed said they had experienced or been diagnosed with mental health symptoms in the past two years.
- Only around half of the respondents indicated that mental health-related expenses are covered in their insurance plan.
- 65% of emerging middle-class Asians have faced cybersecurity issues, like cyberbullying, hacking, malware, phishing or identity theft.
- Their main concern with regard to cybercrime is financial losses, apart from worries about impats on personal credit rating, disruption to daily lives and emotional damage.
This survey also tracked changes in attitudes and behaviours from a year ago. It found that emerging Asia middle-class remains optimistic – the share of respondents expecting to move up to a higher level remained largely unchanged at 52% in 2023, compared to 51% in 2022. Post-pandemic, over 50% of respondents are returning to their place of work, but a hybrid form of working remains popular. At the same time, respondents are now more active in all kinds of activities, both indoor and outdoor, compared to a year earlier.
Franz-Josef Hahn, Peak Re’s Chief Executive Officer, said: “I hope this study can provide a rich data source on these emerging topics and foster quality dialogue about the upcoming trends and needs in emerging Asia. By sharing ideas, we can collectively better serve this segment and contribute to the closing of protection gaps.”
Commenting on the results of the survey, Clarence Wong, Chief Economist of Peak Re, said, “Mental wellness and cybersecurity are two of the key risks facing consumers worldwide, but with the rapid pace of digitalisation and the fast tempo of daily life, these are also pressing issues that deserve close attention in the Asia region. It is high time for the insurance industry to consider how we can help to offer better support and protect societies by building resilience around mental wellness and cybersecurity.”
The report is available for download here.
*The fieldwork was conducted between 30 August and 6 September 2023, covering Malaysia, India, Indonesia, the Philippines, and Thailand. Total sample size is 5,500.
