This opening address was delivered at the Allianz Asia Health Summit 2025 on June 17
Resilience in health doesn’t come from one innovation, or one institution. It comes from shared commitment — of all — sustained over time.
While the fundamentals of healthcare haven’t changed, the world around us certainly has. Shifting geopolitics, economic volatility, inflationary pressure and currency weakness — these aren’t just headlines. They feed directly into the health ecosystem, challenging the long-term sustainability of healthcare in the region.
And that impact isn’t just financial; it’s human. We’ve seen how uncertainty weighs on wellness and health. We’ve witnessed the heartbreak when systems are strained or out of reach.
This reinforces the importance of every stakeholder’s role and reminds us that as we drive innovation and build resilience, we must always keep the customer at the heart of everything we do.
Allianz is the world’s #1 insurance brand, and a global leader in health outside of the US. Our reputation has been built on trust, professionalism and a strong commitment to doing the right things in the right way.
In Asia, that means putting customers at the centre, strengthening system-wide capabilities and partnering with local ecosystems to deliver protection that is both sustainable and impactful — contributing to the broader development of the markets we serve.
At the heart of this is a clear value proposition: To be the trusted partner people turn to in uncertain times, offering protection, peace of mind and support across life’s most critical moments.
Traditionally, insurance has been defined by product lines. But that’s not how customers see us. They don’t think in terms of life, health or savings; they think in terms of protection, of planning for the future and of being supported at every stage of life.
As we look ahead, the landscape is being reshaped by long-term structural shifts. These secular trends, from widening protection gaps to growing retirement needs, are not just challenges; they are signals. Signals that the role we play, across health and financial well-being, has never been more vital.
Allianz is uniquely positioned to meet it — through our scale, our partnerships and our ability to combine health and wealth for every life stage. This is our moment to lead with purpose.
Allianz Health today operates in 25 countries across the globe — spanning Asia, Europe, Latin America and beyond. That’s not just a footprint; that’s a presence in people’s lives, across cultures, economies and healthcare systems.
We are today the number five foreign composite insurer in Asia. As a significant player, we are committed to taking a leadership role in steering the healthcare agenda for the region and supporting all key stakeholders to achieve our common outcome: ensuring a win for our customers.
Rising costs
Health remains critical for all of us in Asia. Governments in Asia have been dedicating a significant portion of their budgets, between 8% and 16%, to healthcare.
But the strain is growing. With ageing populations and increasing chronic disease, public systems alone cannot carry the burden.
Adding to that, the region still faces a significant protection gap. Out-of-pocket healthcare spending in Asia ranges from 9% to 45% — a stark contrast to mature markets where it hovers around 10%.
We also see that people are becoming more aware that they need protection, but there is still a gap in people getting the right coverage they need when illness strikes.
The health landscape is truly dynamic and is consistently transforming, and there are many factors that are impacting how customers can get access to the right care, at the right time and at the right cost.
We all know that healthcare costs are rising. There is no single cause, but a convergence of multiple happenings at the same time.
Firstly, Asia’s population is ageing, but they are also living with more chronic conditions, increasing long-term care needs. Medical advancement is a double-edged sword. Technology has done so much in diagnostics and treatment, but unlike smartphones, healthcare costs haven’t come down. In fact, many innovations come with higher price tags.
At the same time, access gaps persist — with many communities still unable to receive timely or affordable care. And as demand grows, the global healthcare financing gap is projected to reach US$176 billion by 2030, placing immense strain on public systems. This means the burden will shift, to employers, families and insurers.
Insurers are not exempt from this equation. In some situations, insurance may unintentionally contribute to what’s been called the “buffet syndrome” — over-testing, over-prescription or treatments that aren’t always necessary leads to increasing costs without always delivering better outcomes. Ultimately, that burden falls back on the system and the customer.
At the heart of it all lies a profound responsibility for us towards a common goal: to serve, to care and to make a meaningful difference in ensuring that our customers are protected.
And to do so, we need to start at the very beginning.
How we treat data
We often say data is the new oil — and in healthcare, it really is.
Asia generates over half of the world’s digital health data, yet much of it remains siloed across governments, providers and insurers. That means we’re sitting on a goldmine of insight, but without the tools or trust to use it fully effectively.
To unlock its value, we need better integration and collaboration across the ecosystem — to enable smarter, more connected care.
How we treat data will shape how healthcare evolves and how we manage healthcare costs in the future. This forms the foundation of which innovation, affordability and accessibility is built on.
One health journey
Our promise to secure the future of our customers compels us to play a leading role in delivering on these to serve our purpose.
We are all interconnected in the eyes of our customers. Whether they’re speaking to an insurer, seeing a doctor, using a health app, or accessing benefits through their employer — it’s all part of one health journey for them.
They don’t see silos; they see a system, and we need to serve them with that same mindset.
That’s why we must come together to make healthcare accessible and affordable for all — ensuring that everyone, regardless of condition or income, receives consistent, quality care and the right products to support their needs.
And through it all, one truth becomes clearer: Healthcare resilience is not built in silos. It takes alignment, endurance and a shared commitment to those we serve.
We tend to often speak of “customers” as if they are a third party. We should shift our perspective and speak of “customers” as “us”, because our journey is their journey.
This is the reason why this topic is important to every one of us here. It’s also why Allianz has placed it at the heart of our strategy, not just in Asia, but globally.
Health is not a cost to control, it’s a future we build together.
Anusha Thavarajah is the regional CEO for Allianz Asia Pacific
