Our eighth edition of the Dread Disease Survey examined the experiences in China, Hong Kong, Malaysia, and Singapore for the period of 2015‑2019. Due to the global pandemic, we have just concluded the study with publishing our report for the Hong Kong, Malaysia, and Singapore markets; the report for China is underway. For more information than is presented here about our eighth survey, please visit Gen Re’s website for infographics of each market and our blog series on specific diseases.
With Critical Illness (CI) being a top-selling product in many regions in Asia, we were able to study a record high of about 12.4 million policies in‑force and close to 140,000 claims from 24 participating companies across the three markets.
Product – Age of Customers
The majority of new business remains with the key age range of 20 to 49, accounting for over 60% share in all three markets. As we explore how best to reach out to Gen Z, it is worth noting that the Singapore market has increased the share of new business from young adults (ages 20‑29), while the Hong Kong market has been successful in selling to parents of young children (ages 0‑9).
Figure 1 – Distribution of New Business Policies by Age Group