AI-driven taxi insurance, pet protection upgrades, and a $1b reinsurance deal shake up Asia-Pacific’s insurance sector

This Week in Insurance: YAS Introduces AI, Prudential Adds Pet Travel Coverage, Resolution Life Completes Block Transaction

The Asia-Pacific insurance sector saw several significant developments from 30 June to 4 July, including new AI-driven platforms, enhanced product offerings, and major reinsurance deals.

YAS Launches AI-Powered Insurance for Hong Kong Taxi Fleet

Insurtech firm YAS has teamed up with JOIE, a Hong Kong taxi fleet managed by Tai Wo Management, to deploy an AI-based insurance platform. This system adjusts premiums based on real-time driving behaviour, promoting safer roads and clearer insurance terms for professional drivers.

The rollout covers approximately 1,000 hybrid and electric taxis initially. Besides improving safety, the platform aims to boost operational efficiency and transparency for drivers.

Manulife Singapore Introduces AI Tools for Client Portfolio Reviews

Marking anniversaries of its advisory branches, Manulife Singapore is launching a new AI-driven Client Portfolio Review Tool. This tool delivers personalised updates and simplifies financial summaries, aiming for 50,000 portfolio check-ins annually.

The digital initiative reflects the growing trend of integrating AI to improve client engagement and service efficiency.

Prudential General Insurance Hong Kong Enhances Travel Insurance with Pet and Kidnapping Coverage

Prudential has upgraded its PRUChoice Travel Insurance plan to include new protections. These include coverage for trip disruptions caused by kidnapping and medical expenses for pets travelling with the insured.

• Overseas pet medical costs are covered up to HK$10,000 (approximately $1,300).
• Trip curtailment coverage reaches up to HK$50,000 (around $6,500) if a pet is seriously ill or injured.
• Travel interruption due to kidnapping is covered up to HK$50,000, including trauma counselling services.

Resolution Life Completes $1 Billion Block Reinsurance Transaction in Hong Kong

Resolution Life has finalized a $1 billion block reinsurance deal with a life insurer in Hong Kong, marking its first transaction in this market. The agreement covers a portfolio of in-force participating whole life and annuity policies.

This arrangement transfers nearly all associated risks—including market fluctuations, policyholder behaviour, and mortality risks—to Resolution Life, providing risk relief to the ceding insurer.

These recent moves highlight ongoing innovation and strategic partnerships in the Asia-Pacific insurance industry, with AI playing a growing role in service delivery and risk management.