In its latest ING Insurance Dashboard, which tracks the insurance purchasing behaviour of middle income earners across China, Hong Kong, India, Korea, Malaysia, Thailand and Japan, the company also found that 82% of middle income earners feel a greater need this year to protect their current lifestyle.
Supporting these findings, ING also published the results of its Investor Dashboard which indicated that the uncertain economic and income conditions were the key factors driving this desire to insure against any potential downturn.
Frank Koster, chief executive officer of ING Insurance Asia Pacific, said: “With rising disposable income, better health, education and housing conditions, more and more individuals have lifestyles that they want to protect.
“Insurance policies with savings plans attached are proving to be the product that meets this demand. These policies are proving to be an accessible and affordable wealth management and protection product, for Asia’s growing number of middle income earners.”
The three main reasons cited for saving, which were relatively consistent across the Asian markets surveyed, were to protect family income and provide for retirement and education. However, in Hong Kong and Thailand, purchasing a home and starting a business were also indicated as one of the top three reasons respectively.
While publishing its findings, ING cited a recent Swiss Re report which found that life insurance premium volume increased by 13% in Asia compared to an increase of 6% in the world during 2010.
“This indicates two things,” said Koster. “Firstly, more and more Asian families consider that they have achieved something that is worth protecting, and secondly, that more Asian families have incomes that are sufficient to afford this type of wealth management product.”
“People in Asia are obviously interested in looking after themselves and the lifestyle that they lead, and importantly, the opportunities they can create for themselves tomorrow.”
