This week in insurance: Aussies misjudge EV costs, India tightens fraud rules, AIA flags retirement gap

Singlife also launched an AI tool whilst Marsh plans rebrand.

The insurance industry from 13 to 17 October saw new research insights, regulatory updates, leadership changes, AI-driven partnerships, a major rebrand, and new product launches across Asia-Pacific.

More than half of Australians believe electric vehicles (EVs) are the most expensive cars to insure, according to new research from insurer Youi.

The EV Data Digest, based on a survey of over 1,000 car owners, found 56% of respondents think EVs carry higher premiums, mainly due to perceptions of costly parts and advanced technology.

The Insurance Regulatory and Development Authority of India (IRDAI) has released new Insurance Fraud Monitoring Framework Guidelines, 2025, setting stricter requirements for insurers to prevent and report fraud.

In new survey findings, 72% of Hongkongers lack sufficient retirement savings and expect to delay retirement by an average of 12.8 years, according to AIA Hong Kong’s latest Desired Retirement Tracker. Nearly 60% have no clear savings plan despite recognising post-retirement financial pressures.

For corporate moves, FWD Group Holdings Limited has appointed Craig Tunstall as interim Chief Risk Officer, subject to regulatory approval. Tunstall currently serves as Chief Corporate Governance Officer at FWD Thailand, one of the group’s largest business units.

Singlife has partnered with Salesforce to launch an artificial intelligence (AI) agent for Singlife’s customer service executives.

The tool uses Salesforce’s Data Cloud to draw from Singlife’s internal materials, including product manuals, training guides, and FAQs, allowing service staff to access information instantly instead of manually searching through documents.

Marsh McLennan will rebrand as Marsh starting January 2026 and has created a new unit, Business and Client Services (BCS), to drive innovation and streamline operations across data, AI, and analytics.

Under the new structure, the firm’s four main businesses will gradually adopt the Marsh brand beginning in 2027.

Also, PNB MetLife India Insurance, in partnership with Policybazaar, has launched the Pension Consumption Fund under its Unit-Linked Insurance Plans (ULIPs).