The Asia-Pacific insurance market witnessed significant developments from June 2 to 6, 2025, marked by challenges in South Korea’s non-life insurance sector, a notable stake acquisition by Dai-Ichi Life Holdings, and a legal move in Australia targeting an insurance comparison site. Meanwhile, Cambodia’s insurance industry continued its steady growth with rising gross premiums.
According to AM Best, South Korea’s insurance industry is expected to experience moderate growth over the next year, with increased focus on profitability management in long-term insurance products. However, the sector faces headwinds from slow market growth and weakening underwriting profitability in the auto insurance segment. These pressures contribute to heightened scrutiny of business insurance coverage and rates within the country.
In Cambodia, gross premiums increased by 6.6% year-on-year in April, reaching $27.3 million. This growth was driven by gains in both life and general insurance sectors. Life insurance premiums rose 9.8% to $16.3 million, while the total number of policies surged 57% to over 104,000, signaling expanding consumer trust in insurance coverage.
In Australia, regulatory reforms are underway as the Insurance Council of Australia and insurers prepare to revise the General Insurance Code of Practice. The update aims to make the code more consumer-focused, modern, and contractually enforceable following stakeholder feedback that the existing code was complex and out of step with current challenges.
On the corporate front, Dai-Ichi Life Holdings is acquiring an approximate 15% stake in European asset manager M&G. This strategic partnership is expected to position M&G as Dai-Ichi’s preferred asset manager in Europe and is projected to generate at least $2 billion in new business flows over the next five years.
Meanwhile, Sompo Japan Insurance has submitted a business improvement plan to Japan’s Financial Services Agency following a customer information leak. The insurer issued an apology to affected customers and stakeholders for any inconvenience caused.
In a separate legal development, the Australian Securities and Investments Commission (ASIC) has filed a lawsuit against insurance comparison provider Choosi Pty Ltd. ASIC alleges that Choosi misled consumers by claiming to compare funeral and life insurance products from multiple providers when, in reality, the comparisons were limited to policies from a single insurer, except for one case. ASIC estimates that over 13,700 insurance policies were affected, with Choosi having received $61 million in commissions from July 2019 to the present.
These events underscore the evolving dynamics in the Asia-Pacific insurance market, highlighting the importance of trustworthy insurance practices, transparent business insurance quotes, and consumer-centric regulatory frameworks.
Related topic:
How Embedded Insurance is Transforming Asia and Saving the Environment
AM Best Maintains Stable Outlook on South Korea’s Non-Life Insurance Market
Cambodia’s Insurance Regulator Hosts Seminar to Raise Vehicle and Health Insurance Awareness
