7 of the Most Popular Online Insurance Products Purchased by ASEAN Residents

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Monavia Ayu Rizaty 18/11/2021 10:50 WIB

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According to the 2021 FinTech in ASEAN report: Digital Takes Flight, health insurance was the most popular type of insurance purchased online, reaching 53% in 2021.

Types of Insurance Most Frequently Purchased Online by Southeast Asian Residents (2021)

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Types of Insurance Most Frequently Purchased Online by Southeast Asian Residents (2021)

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According to the report *FinTech in ASEAN 2021: Digital Takes Flight*, the Covid-19 pandemic led to a surge in online insurance purchases across Southeast Asia. This trend is predicted to continue growing in the future.

Of the 1,379 respondents from Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam, the majority (53%) stated that health insurance was the most commonly purchased type of insurance online in 2021.

The next most popular types of insurance purchased online were life insurance (48%), followed by motor vehicle insurance (45%) and travel insurance (31%).

Furthermore, 28% of respondents purchased accident insurance online, while 17% purchased property insurance and 9% purchased disability insurance.

Among respondents who purchased insurance online, nearly eight out of ten did so through established insurance companies' platforms. Looking ahead, Southeast Asian consumers are expected to become increasingly accustomed to purchasing insurance online, driven by the growth of digital wallet transactions and other digital platforms.

Editor : Annissa Mutia

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."