This week in insurance: HNW products debut in PH, SG, HK; UOI ups tech spend; Vietnam cuts UI costs for hiring disabled

An insurer also plans to increase its tech investments by 50%.

Asia-Pacific's insurance sector from 11 to 15 August saw multiple high-net-worth product launches, major tech and expansion plans, regulatory changes, and growth in social insurance coverage.

FWD Life Insurance has launched the FWD Wealth+ Investment-linked Insurance plan in the Philippines, aimed at high-net-worth individuals seeking to grow, preserve, and protect their assets.

The single-pay plan offers flexible options to meet various wealth management goals and guarantees life coverage up to age 100 with a minimum premium starting at ₱1m or $20,000.

Similarly, HSBC Life Singapore has launched enhanced versions of three life insurance products for the HNW population to support long-term financial protection, intergenerational wealth transfer, and capital preservation.

Transamerica Life Bermuda also launched its Opus One Indexed Universal Life (IUL) product for HNWs, making it one of the first insurers in Hong Kong to offer IUL solutions under the city’s evolving regulatory framework.

Meanwhile, United Overseas Insurance (UOI) plans to raise its technology investment by nearly 50% from 2023 levels and expand its workforce by over 60% by 2029.

Other initiatives include a digital intermediary portal launching in August 2025, fully digitalised motor and travel insurance with all products to follow by 2026, and omni-channel engagement via platforms like WhatsApp.

Further, eazy Insurance has acquired G&C General Pte Ltd, integrating G&C’s client portfolio into eazy’s digital platform to expand its access to a wider range of products whilst maintaining G&C’s relationship-based service approach.

Also, the Hong Kong Insurance Authority (HKIA) has authorised SAIC Motor Insurance Limited, a captive insurance company set up by SAIC Motor Corporation Limited, as HKIA focuses on meeting the risk management needs of state-owned and private enterprises in Mainland China and local multinational conglomerates.

Vietnam’s National Assembly has approved the 2025 Law on Employment, which allows employers to pay lower unemployment insurance contributions if they hire and keep workers with disabilities.

Under Clause 6, Article 33 of the law, it sets the UI contribution ceiling at 1% of the monthly salary for each of the three parties involved: employees, employers, and the state.

In China, over 1.07 billion people were covered by China’s basic old-age insurance, an increase of 6.39 million from the previous year. Coverage for urban and enterprise employees also rose during the year.