This week in insurance: Sri Lanka coverage push after cyclone, India backs maritime pool, insurtech deals

Big Singapore firms also said they have higher exposure to insurance and security-related costs.

The insurance and broader financial services landscape from 20 to 24 April saw governments launching risk-sharing initiatives and coverage expansion plans following disaster losses.

Sri Lanka’s insurance regulator and industry stakeholders have launched a national roadmap to expand insurance coverage after Cyclone Ditwah exposed a large protection gap across the country.

In a statement, the Insurance Regulatory Commission of Sri Lanka (IRCSL) said the storm in November 2025 caused an estimated $4.1b in economic losses, equivalent to nearly 4% of the country’s 2024 GDP.

The banking, financial services and insurance (BFSI) sector will have the largest end-use vertical for the Philippines’ ICT market in terms of revenue share and will remain so throughout the forecast period.

According to GlobalData, the BFSI will contribute an estimated 14% of the total cumulative revenue from 2024 to 2029.

The broader technology market is projected to grow from $21.3b in 2024 to $35b by 2029.

India has approved the creation of a domestic maritime insurance pool backed by a $1.4b (INR129.8b) sovereign guarantee, in a move aimed at reducing the shipping sector’s exposure to global market volatility.

The initiative, called the Bharat Maritime Insurance Pool, will provide cover across hull and machinery, cargo, protection and indemnity (P&I), and war risks.

Large Singaporean firms said they feel they have a higher exposure to insurance and security-related costs (42%), compared to SMEs (17%), amidst the ongoing Middle East conflict.

Two in three Singaporean companies have been affected by the Middle East conflict, according to a poll done by the Singapore Business Federation (SBF).

On the insurtech side, Cover Genius partnered with Tongcheng Travel to introduce travel insurance to its international customers in multiple markets, launching new offerings in Malaysia and the Philippines.

bolttech has appointed Kohei Watanabe as General Manager, Japan, with responsibility for the Japan business, including P&L across domestic and international operations.

He spent nearly two decades at Tokio Marine in senior leadership roles in Japan and the UK, including at Tokio Marine Kiln, before overseeing product planning for corporate underwriting in Tokyo.