Market Readiness of Long-Term Care Products in Asia-Pacific Markets

December 2023

Authors

Lanqi Cheng, ASA
Huize Holding Limited
Shanghai, China

Xinran Luo, ASA
Assistant Manager
Manulife-Sinochem Life Insurance Co., Ltd
Shanghai, China

Yingqi Zhang, FSA
Shanghai, China

Description

The purpose of this study is to provide valuable insights and recommendations for insurance companies that are considering entering the market of commercial long-term care insurance (LTCI) in the Asia-Pacific markets, based on individual health status. This study reviews the development of LTCI in the main markets in Asia-Pacific, drawing conclusions about market experiences and offering inspiration for product development.

Materials

Market Readiness of Long-Term Care Products in Asia Pacific Markets

Market Readiness of Long-Term Care Products in Asia Pacific Markets - Simplified Chinese

Appendix B – Assumption Summary

Appendix D – First Principle Model

Podcast

Thank You

The authors’ deepest gratitude goes to those without whose efforts this project could not have come to fruition: the volunteers who generously shared their wisdom, insights, advice, guidance, and arm’s-length review of this study prior to publication. Any opinions expressed may not reflect their opinions nor those of their employers. Any errors belong to the authors alone.

Project Oversight Group members:
Tao Chen, PhD, Professor
Che-An Cheng
Jiangang He, FSA, FCIA
Mario Lai Tin Hang, FSA, CERA
Alan Lin, FSA
Sen Lin, ASA
Huilong Sun
Victoria Wen, FSA, CERA
Jon Zeu Wu, FSA, MAAA, CERA
Yan Xie
Zuojin Xie, FSA
Chu Zhang, FSA
Yan Zhang, PhD, Professor
Yanting Zhang, ASA
Maria Zou, FSA, FCIA

At the Society of Actuaries Research Institute:
R. Dale Hall, FSA, CERA, CFA, MAAA
Xiao Xu, FSA, CERA, FIAA, CFA, FRM, CA, CPA, PhD
Jessie Li, FSA
Wai-Ling Yung, PhD

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