The insurer says much of the impact will fall on households, with unpaid care projected at 123 million hours and 42% of treatment costs paid out of pocket by 2030.
Single premium sales jumped 36.5%, while banks remained the largest distribution channel for new business, accounting for S$593m (US$466m) of weighted premiums.
Asia’s soft insurance market continued in the first quarter, offering buyers strong pricing and capacity, but geopolitical and claims risks threaten to tighten conditions.
Day procedures and higher-end outpatient care were flagged as key drivers, with the study also pointing to panel providers and group plans as potential cost moderators.
Record issuance and steady returns are drawing broader investor interest, but stronger data, transparency, ratings and regulatory confidence remain critical for Asia to scale participation.
Asia is expected to drive 54% of the global rise in business insolvencies in 2026–2027, with the company forecasting APAC cases up 7% this year and 3% next year.
China Life’s operating profit jumped 55% to 186.12bn yuan (US$27.31bn) in 2025, while New China Life and Ping An posted gains of 29% and 11%, respectively.
