This week in insurance: India’s OPD surge, bolttech-BYD deal, HSBC tops HNW survey, Sun Life expands in PH

Sompo Japan, Momentick, and JGC launch methane detection solution tied to insurance coverage.

Asia-Pacific's insurance sector from 8 to 12 September saw developments from service expansions and green partnerships to insurtech launches, OPD adoption, and changing trends amongst high-net-worth clients.

India’s health insurance market is seeing strong growth in outpatient department (OPD) coverage, with adoption up 4.5 times in three years, according to Policybazaar.

OPD riders were attached to just 5% of health plans in fiscal year 2023 but have climbed to 22% in FY26, making them part of one in five policies sold.

In Indonesia, bolttech has partnered with Chinese automotive distributor Harmony Auto to roll out a suite of insurance plans tailored for BYD electric vehicle owners.

The launch expands the firms’ collaboration beyond Singapore and Hong Kong and supports Indonesia’s goal of putting 2 million electric cars and 13 million electric two-wheelers on the road by 2030.

Meanwhile, Singapore’s high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals are expected to continue placing their trust in HSBC Life, AIA, and Prudential as the most reliable insurance providers in 2025, according to Agility Research & Strategy’s latest WealthLens survey.

The study, which tracks the preferences of Singapore’s wealthiest, shows that HSBC Life leads the insurance sector with a score of 83, underscoring its strength in high-value policies and integrated wealth solutions.

In the Philippines, Sun Life of Canada has opened its newly renovated Client Service Center in Makati City and launched three new business offices in Bonifacio Global City, Taguig, as part of its ongoing modernisation efforts.

On the sustainability front, Sompo Japan Insurance has teamed up with emissions intelligence firm Momentick, Sompo Risk Management, and engineering company JGC Corporation to launch a methane detection solution tied to insurance coverage.

Lastly, YAS Insurtech and TADA, Asia’s zero-commission ride-hailing platform, launched in Hong Kong to provide automatic, real-time insurance for every ride.