Life Insurance in Asia: Winning in the Next Decade

The Asian life insurance industry is truly entering an inflection point. Coming off massive growth from the past several years, the industry has suffered greatly, along with the rest of the financial industry, in the 2008 financial crisis. Most life insurers across Asia have lost tremendous value in the wake of the crisis; a few are in significant distress. It is important not to lose sight of the longer-term outlook though: fueled by macroeconomic factors such as the emergence of the middle class, high savings rates, and the growing need to save and invest for retirement, Asia's life insurance market is expected to grow at double the rate of the US and European market over the next decade. The time now is ripe for insurers to establish regional partnerships to access these markets. This authoritative book analyses the life insurance landscape in Asia, including traditional life insurance, bancassurance, etc. It comprehensively overviews the Asian insurance industry, based on extensive research provided by the authors on business opportunities and key success factors. This is an accessible yet authoritative guide to a key market opportunity.

Dr. Stephan Binder is a director in McKinsey’s Shanghai office and leader of the Insurance Practice in Asia. He has been with McKinsey since 1995 and is an advisor to many of the region’s leading insurance companies and banks, with a long track record of successfully working with leading local companies and multinationals in Asia, Europe and North America. Stephan has made frequent publications and is a prominent speaker at conferences on financial services topics. A German national, he holds a Ph.D from the University of Münster and a Master of Business Administration and Economics from the University of Witten-Herdecke.

Joseph Luc Ngai is a partner in McKinsey’s Hong Kong office, and a leader in McKinsey’s Financial Institutions Practice in Asia. He has advised many leading domestic and multinational insurers and banks in Asia, leading large-scale turnarounds as well as acquisitions. He is a sought-after speaker on financial topics, and has appeared in many leading industry conferences as well as in the media. He is active in community projects and sits on the board of several non-profit organizations in Hong Kong. A Hong Kong native, he holds an AB from Harvard University, a JD from Harvard Law School, and an MBA from Harvard Business School.