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Expanding insurance in ASEAN could boost GDP and workforce resilience, Prudential report says.
A Prudential plc report finds that expanding life and health insurance in six ASEAN nations could significantly boost economic growth, with a 50% increase in life insurance by 2050 potentially raising GDP per capita by up to 5.1% and total GDP by 4.4%.
A similar rise in non-life insurance could increase GDP per capita by 3.1% and total GDP by 2.6%.
The gains are tied to stronger workforce resilience, financial confidence, and capital formation.
The study, using data from 1999 to 2019 and modeling by PwC, highlights insurance’s role in sustainable development, labor participation, and human capital.
Prudential urges policymakers to implement tax incentives, regulatory reforms, and public-private partnerships, along with investing in talent and public awareness to expand access and strengthen the insurance ecosystem for inclusive, long-term growth.
La expansión del seguro en la ASEAN podría impulsar el PIB y la resiliencia de la fuerza laboral, según el informe de Prudential.