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RGA Releases ‘Aging in Asia’ Study Highlighting Urgent Need for Senior-Centric Insurance Solutions

Opportunities arise as demand for private coverage intensifies among growing senior populations in the region

HONG KONG, Oct. 16, 2024Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global life and health reinsurer, today published findings from a survey regarding the aging population’s insurance needs across Asia. Titled “Aging in Asia: Inclusive Insurance Study on Seniors,” the report is based on RGA’s quantitative consumer survey of 1,636 respondents ages 55-80 with minor health impairments across eight key markets: China, Hong Kong, India, Japan, South Korea, Taiwan, Thailand, and Vietnam. The study reveals gaps in life and health insurance that the industry must address to meet the protection requirements of the region’s rapidly expanding senior demographic.

“With over 1.2 billion Asians projected to be aged 65 or older by 2060 , this demographic shift represents a substantial growth opportunity for insurers if we can collaboratively modernize to provide innovative solutions for the senior population,” said Chief Executive Officer, Korea; Senior Vice President, Japan and Chief Marketing Officer, Asia, RGA. “Our research highlights an urgent need for insurers to develop specialized solutions addressing the unique concerns and vulnerabilities of aging consumers currently underserved by existing products.”

The survey uncovered a significant demand across the region for affordable, simplified private health and protection products tailored to address risks facing the elderly population. According to the survey results, 72% of seniors indicated that they had a need for private health insurance, followed by annuity (55%) and critical illness products (51%). COVID-19 heightened consumer demand for health coverage, including medical treatments, as well as a focus on maintaining financial stability and the ability for self-care.  

For those who applied for insurance but did not purchase a policy for life insurance, private health, or critical illness insurance, nearly 50% had some portion of the benefits denied due to pre-existing conditions, while 21%-30% were denied coverage entirely. Among the respondents, hypertension (40%) was the most common existing health impairment, followed by high cholesterol (23%) and diabetes (23%).

The study identified several barriers currently limiting seniors’ insurance access and ownership, as well as their preferences in life insurance, private health, and critical illness insurance, including:

  • Premium costs being too high (37%-46%) and policies being too hard to understand (34%-42%) are the top barriers for purchasing life and health insurance products. 
  • In Asia, cancer (56%), stroke (47%), and heart attack (37%) are the primary health concerns, although dementia is one of the top concerns among respondents in Japan, South Korea, and Taiwan with aged or super-aged populations (super-aged markets have the high proportion of seniors over 65 years of age).
  • While agents and brokers (48%-54%) remain the favored channels for purchasing insurance, there is increasing openness to digital platforms and bancassurance options (35%-37%). 

“By rethinking pricing, designing valuable insurance coverage options, enhancing underwriting accessibility, and investing in highly trained, senior-centric distribution and service models, the industry can compassionately meet this vital need and drive sustainable growth in this underserved market,” said Shin. 

RGA has an extensive track record of partnering with insurers across Asia to develop innovative products that meet the unique needs of the region’s rapidly growing senior population. This proven expertise has delivered solutions like Taiwan’s first cancer insurance plan specifically designed for seniors, as well as underwriting approaches in markets like Korea and China that have increased accessibility and ownership of health and protection coverage among elderly customers.

The full “Aging in Asia: Inclusive Insurance Study on Seniors” report is available for download.


About RGA 
Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is today one of the world’s largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus — all directed toward creating sustainable long-term value. RGA has approximately $3.8 trillion of life reinsurance in force and assets of $109.9 billion as of June 30, 2024. To learn more about RGA and its businesses, please visit rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.


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