The CEO of Asia's third largest insurance company AIA Group said the majority of Asian citizens are under insured despite soaring growth figures reported by his company on Wednesday.
AIA reported a 27 percent growth in the value of its new business to $1.19 billion, boosted by growth in Thailand and Singapore, but CEO Mark Tucker told CNBC that the company was yet to fully capitalize on growth across Asia and said the region's insurance "pie" was gettinglarger.
"If you look at growth in the region, around 80 percent of the world's growth will come from emerging markets, half of that from China," said Tucker.
"A total of 337 million households are coming into the insurance net in Asia over the next five years, rather than 12 million in the G-7 countries. There are fantastic opportunities. For us, the size of the pie is increasing, rather than having to fight for the same piece of the pie," he added.
(Read More: Carlyle Bags $4 Billion Profit From China Insurance Exit)