Kathmandu. Asian insurers have been urged to maintain equitable access to coverage to cope with the challenges of an aging population and rising care costs amid rapid growth. The appeal was made by Chan Ho Lim Joseph, undersecretary of the Financial Services and Treasury Bureau of Hong Kong, at the 21st Asia Conference on Health Services and Health Insurance in Hong Kong.
“In Hong Kong, like many other advanced economies in Asia and beyond, we are facing significant pressure on our healthcare system with a rapidly aging population and an increase in chronic diseases,” Chan said. ’
Chan made his remarks, highlighting the strong growth in the health insurance market in Asia. This is mainly driven by strong economic growth, rapid urbanization and changing lifestyles. “As the urban population grows and non-communicable diseases rise amid changing sanitation habits, there is also a growing demand for wider coverage,” he added. ’
Despite the growth, challenges remain. “Many developing markets are still struggling with low access, affordability gaps, and high out-of-pocket costs,” Chan said. Other than that, the projections are positive. The average per capita expenditure on health insurance across Asia is expected to reach $84.73 and the market is growing at a compound annual growth rate of around 3.23%. ’
According to Chan, this highlights the need for insurance companies to make access more equitable.
Clement Lau Chungkin, executive director of policy and law at the Insurance Authority, suggested that a unified goal should be identified to improve health care and health insurance in Asia, keeping the long-term financial stability of the health care system as the main priority. “Access can be improved by expanding the role of both public and private health care providers,” he said. Also, transparent pricing and stable quality can be promoted. ’
According to Kean, the sector should strengthen the regulation of medical insurance products “to bridge the safety gap, increase consumer choice and protect policyholders”. The 21st Asia Conference on Healthcare and Health Insurance is being held from March 26 to 27 and is organized by Asia Insurance Review.
