Hong Kong-based global reinsurer, Peak Re, in collaboration with Intuit Research, has released the key findings of its flagship 2023 Asia Middle-Class Consumer Survey.
This year’s study zeroes in on consumers’ attitudes and needs concerning health, mental well-being, and cybersecurity.
When faced with a serious illness, consumers prioritise financial planning (18%), access to top specialists (18%), disease information (13%), and seeking a second medical opinion (12%).
A significant 43% of emerging middle-class individuals in Asia reported experiencing or being diagnosed with mental health symptoms in the past two years.
Only half of respondents confirmed that their insurance covers mental health-related expenses.
A striking 65% of emerging middle-class Asians have encountered cybersecurity issues, ranging from cyberbullying to hacking, malware, phishing, and identity theft.
The primary concern regarding cybercrime is financial losses, with additional worries about impacts on personal credit rating, disruptions to daily life, and emotional distress.
The survey tracked shifts in attitudes and behaviours over the past year. Notably, the optimism among emerging Asia middle-class respondents remained stable, with 52% expecting upward mobility in 2023 compared to 51% in 2022.
Post-pandemic, over 50% of respondents are returning to their workplaces, with a hybrid work model proving popular.
Respondents are now more engaged in various activities, both indoors and outdoors, compared to the preceding year.
Franz-Josef Hahn, Peak Re’s Chief Executive Officer, expressed hope that the study would serve as a valuable data source on these emerging topics, fostering meaningful discussions about upcoming trends and needs in emerging Asia. He emphasised the collective effort needed to better serve this segment and address protection gaps.
Chief Economist of Peak Re, Clarence Wong, emphasised the urgency of focusing on mental wellness and cybersecurity, given the rapid pace of digitalisation and the fast tempo of daily life in the Asia region. He called upon the insurance industry to explore ways to offer enhanced support and bolster societies’ resilience in these crucial areas.
