Asia’s middle-class maintains its optimism, while simultaneously acknowledging evolving risks related to mental wellbeing and cybersecurity, according to the newest survey from Peak Re.
The Hong Kong-based global reinsurer has unveiled the findings from its 2023 Asia Middle-Class Consumer Survey, conducted in collaboration with Intuit Research. This year’s study delves into the needs and attitudes of consumers regarding health, mental well-being, and cybersecurity, offering crucial insights into these areas.
As per the survey, when faced with a serious illness diagnosis, consumers prioritise financial planning (18%), access to top-tier specialists (18%), information on the disease (13%), and seeking a second medical opinion (12%).
Meanwhile, a substantial 43% of the surveyed emerging Asia middle-class participants reported experiencing or being diagnosed with mental health symptoms in the past two years. However, only about half of the respondents indicated that their insurance plans covers expenses related to mental health concerns.
A significant 65% of emerging middle-class Asians have encountered cybersecurity issues, encompassing cyberbullying, hacking, malware, phishing, or identity theft. The primary worry concerning cybercrime among respondents centred on financial losses, alongside concerns about impacts on personal credit ratings, disruptions to daily lives, and emotional harm.
The survey also monitored changes in attitudes and behaviours compared to the previous year. Notably, it revealed that the emerging Asia middle-class remains optimistic, with 52% of respondents in 2023 expecting to ascend to a higher level. This figure remains consistent with 2022’s statistic of 51%.
Post-pandemic, over 50% of respondents are transitioning back to their workplace, with a preference for a hybrid working model. Additionally, respondents are demonstrating increased engagement in both indoor and outdoor activities, showcasing greater activity compared to the previous year.
“Mental wellness and cybersecurity are two of the key risks facing consumers worldwide, but with the rapid pace of digitalisation and the fast tempo of daily life, these are also pressing issues that deserve close attention in the Asia region. It is high time for the insurance industry to consider how we can help to offer better support and protect societies by building resilience around mental wellness and cybersecurity,” Peak Re chief economist Clarence Wong said.
In other news for the reinsurer, Peak Re also recently unveiled its financial results for the first half of 2023, with its CEO underscoring its trajectory as one of the company’s most profitable years.
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