Participating (par) insurance products are a significant part of the life insurance business in many Asian markets, finds Participating Business in Asia, a research report by Milliman. Edited excerpts:
While the popularity points to some commonality across the region, each country has its own factors that contribute to the growth of par business. In many Asian countries, insurance statistics for par business are either unavailable, compiled at a high level or spread across different sources. To bridge these gaps, this report has combined secondary data from industry statistics and annual reports, merged with proxies where relevant; primary data from a survey of industry participants to add qualitative analysis and to plug gaps in the secondary data; and anecdotal information gained from consultants working across the region.