This week in insurance: Zurich expands home cover, APAC embedded insurance surges, Vietnam reforms health insurance

Australia's RE insurance market remains supportive but is becoming more selective.

The insurance industry from 6 to 10 July saw new product launches and partnerships, alongside regulatory changes and market reports highlighting growth opportunities and evolving risks.

Zurich Financial Services Australia will enter the personal home insurance market from October 2026 under an expanded partnership with Honey Insurance.

Under the agreement, Zurich will underwrite and manage claims for Honey's home, landlord and motor insurance policies. Honey will continue to distribute the products under its own brand and through partners, including Bank of Queensland (BOQ).

Allianz General Insurance (Malaysia) launched a three-year option for its Smart Home Cover policy, offering customers uninterrupted home insurance cover with a single premium payment.

The Smart Home Cover Multi-Year Plan, available from 1 July 2026, provides three years of cover without the need for annual renewals.

Also, in Malaysia, Prudential Assurance Malaysia Berhad (PAMB) has launched Prudential Guided Care, a healthcare support service for customers with medical insurance, as more Malaysians report delaying medical treatment because they are unsure where to seek care. 

The launch follows findings from Prudential's 2026 Patient Voices Malaysia report, which showed that 94% of Malaysians have delayed seeking medical care.

Cigna Healthcare Hong Kong has adjusted its Cigna VHIS Series – Flexi Plan (Superior) in response to rising local medical costs and an increase in cross-border travel by residents.

The changes follow the Hospital Authority's implementation of revised public healthcare fees on 1 January 2026, which has increased out-of-pocket medical expenses for individuals.

For market reports, Asia-Pacific’s embedded insurance market will be the fastest-growing region by 2035, with an estimated compound annual growth rate (CAGR) of 20.7%.

“Greenfield” digital economies such as India, Indonesia, and Vietnam will likely drive first-time insurance buyers through mobile-first platforms, according to a Market Research Future report.

Additionally, Australia's renewable energy insurance market remains supportive but is becoming more selective as project risks increase, despite continued growth in the country's renewable energy sector.

According to Willis’ Renewable Energy Market Review, it said insurers continue to offer capacity for well-structured renewable energy projects, but more complex developments are facing higher premiums and tighter policy terms as grid constraints, planning delays, rising costs and climate-related risks become more significant.

Meanwhile, Vietnam introduced a new Social Insurance and Health Insurance regulations nationwide starting 1 July 2026, covering benefit levels, contribution rates and access to medical services.

Under the amended Law on Health Insurance, patients with 62 specified diseases or disease groups will be allowed to go directly to specialised medical facilities without a referral letter, whilst still receiving full Health Insurance benefits.