This week in insurance: Catastrophe losses ease, Allianz buys HSBC Life Singapore, Chubb launches shopping cover

Sompo has also acquired a Brazilian company.

The insurance industry from 20 to 24 July saw lower catastrophe losses, rising transaction risk claims, and continued merger and acquisition activity.

Asia’s insured losses from natural catastrophes in the first half of the year were estimated to be less than $2.0b, the lowest six-month continental total since 2017.

Global natural disasters in the first half of 2026 caused widespread disruption but resulted in the lowest financial losses for both insurers and economies in years, according to Gallagher Re’s H1 2026 Natural Catastrophe and Climate report.

Meanwhile, claims under transaction risk insurance are increasing across Asia-Pacific as the region's mergers and acquisitions (M&A) market matures, with larger and more complex deals driving higher-value losses.

Warranty and indemnity (W&I) insurance and standalone tax liability insurance are becoming more widely used in transactions across markets, including India, Singapore and South Korea, supported by greater underwriting capacity and broader adoption, according to Aon's 2026 Global Transaction Solutions Claims Study.

In corporate moves, Techcom Insurance has launched Song An Health Insurance, Vietnam's first co-payment health insurance product designed to complement the country's national health scheme. 

Approved by the Ministry of Finance, the policy covers out-of-pocket medical expenses at the point of care that are excluded from public coverage, including hospital beds, specific brand-name medicines, and advanced procedures.

Chubb Philippines and buy-now-pay-later platform, Atome Philippines, partnered to launch a shopping insurance plan with personal accident benefits for its cardholders.

The Atome Card Shield is available for $0.99 (P62) a month and provides buyer and purchase protection, online shopping fraud and unauthorised transaction coverage, and personal accident benefits.

In acquisitions, Sompo International Holdings Ltd. has agreed to buy Fator Seguradora in Brazil through a wholly owned subsidiary.

The acquisition is part of Sompo’s strategy to expand its presence in Brazil’s corporate insurance market, particularly in specialised insurance lines with higher-value solutions.

Allianz has agreed to buy HSBC Life Singapore for S$2.7b (US$2.1b), with the transaction expected to complete in the first half of 2027, subject to regulatory approval.  

The deal includes the acquisition of 100% of HSBC Life Singapore, which provides life and health insurance products in Singapore.

The combined value of the acquisition and distribution agreement is about US$2.3b.