HKIA launches AI cohort programme with seven insurers

A survey of more than 110 insurers showed 20% already have AI adoption strategies.

Hong Kong’s Insurance Authority (IA) has launched its AI Cohort Programme to help insurers adopt artificial intelligence in a responsible way.

An IA survey of more than 110 insurers showed 20% already have AI adoption strategies, over half are in pilot stages, and 40% plan to increase investment in the next two years. 

Larger players are moving faster, while smaller insurers face capacity and talent constraints.

Seven core participants—AIA, AXA, China Taiping, FWD, HSBC Life, Prudential, and YF Life—will set up AI Centres of Excellence in Hong Kong to drive innovation and share expertise across the industry.

The IA also plans to issue updated guidelines next year to provide regulatory clarity. 
Globally, generative AI use is rising, with 38% of Hong Kong financial institutions already deploying it compared to 26% worldwide. 

The market is forecast to reach about $1.5t by 2030.