The week also recorded acquisition activity and growing interest in legacy planning.
The insurance sector from 12 to 16 October saw new digital insurance products, cross-border expansion, and rising concerns over AI-powered cyberattacks.
Mox Bank Limited has launched Home Cushion Insurance, a fully digital home protection product accessible through the Mox mobile application.
Underwritten by QBE Hongkong & Shanghai Insurance Limited, the policy covers home contents, building structures, and third-party liability for renters, owner-occupiers, and landlords.
Meanwhile, Igloo has entered Türkiye through a partnership with Sigortayeri to distribute personal cyber insurance via Aktif Bank’s N Kolay app, marking its first expansion beyond Asia-Pacific.
The Personal Cyber product covers cyberbullying, identity theft, online fraud—including social engineering scams and online shopping fraud—cyber extortion, and compromised home devices and networks.
For acquisitions, FWD Limited is acquiring 25% of the share capital of bolttech insurance for $20.72m (HK$162.61m), subject to a closing adjustment.
FWD expects the deal to enhance its cooperation with bolttech in personal general insurance products, covering product offerings, distribution and customer service, it said in an HKEX filing.
Industry perceptions show that more Filipinos are taking a structured approach to legacy planning, focusing on educational opportunities and heir preparation alongside wealth transfer, according to a new report by Sun Life Asia.
The study, titled Passing the Torch: When Legacy Means More Than Money, shows that 92% of Filipinos intend to leave financial assets or wealth to future generations.
In Singapore, 52% of organisations experienced business disruption or revenue loss, 47% faced cancelled cyber insurance policies or increased premiums, and 26% paid a ransom.
Six in 10 of the companies targeted by ransomware in the past 12 months reported that attackers used artificial intelligence, compared to 40% globally, according to cyber resilience firm Semperis. It also said that that artificial intelligence is playing a major role in cyberattacks, with organisations heavily impacted.