Chart of the Day: Singapore takes lion's share of insurtech firms in ASEAN

25 took base as of October 2017.

This chart from UOB shows that Singapore has the lion's share of insurtech, or insurance technology, firms in ASEAN as 25 took base in the country as of October 2017.

Indonesia and Thailand followed the Lion City with 17 and 14 firms established, respectively. There were also nine new firms in Malaysia, seven in the Philippines, and one in Vietnam.

UOB said the term insurtech is becoming a buzzword globally as more fintechs design digital innovations in the insurance sector.

This year, the ASEAN region witnessed strong funding of US$75m in insurtech.

The most funded company in this category is Singapore Life at US$50m.

"This is expected to lead to a rise in usage-based insurance and dynamically-adjusted premiums, while moving away from conventionally static premiums," the bank said.