This week in insurance: New partnerships roll out, hiring outlook steady, and tech spending ramps up

Etiqa Insurance Singapore and AIA Singapore have also partnered for takaful solutions.

The insurance industry from 23 to 27 March saw new partnerships and product launches, steady hiring expectations, continued M&A activity, growing investment in technology and automation, and cautious optimism about future growth despite ongoing risks and transformation pressures.

Willis, a WTW business, has partnered with Circle Asia to launch a new art insurance facility for individual collectors and art galleries in Asia.

The facility combines the specialist arts insurance expertise from Willis and Circle’s digital platform to insure fine art, jewellery, and specie collections, according to a joint press release on 23 March 2026.

Similarly, Liberty Specialty Markets launched its fine art & specie insurance offering across Asia, expanding the company’s specialist protection for businesses and individuals who own, store, or move high-value assets.

On the labour side, Hong Kong’s insurance sector is expected to see steady hiring in 2026, driven by demand for high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients, and by the industry’s expansion into health, wellness, and investment services, according to the 2026 Hays Asia Salary Guide. 

Etiqa Insurance Singapore and AIA Singapore have launched a distribution partnership to increase the availability of Shariah-compliant Takaful solutions in the local market.

This collaboration aims to provide ethical and socially responsible financial options to both Muslim and non-Muslim customers.

Meanwhile, Global insurance mergers and acquisitions stabilised in 2025 following a significant market downturn the previous year. According to Clyde & Co’s annual Insurance Growth Update, the industry saw 211 completed deals worldwide, a slight increase from the 202 transactions recorded in 2024.

In technology, automation could replace 43% of insurance tasks by 2030, whilst 97% of insurers are accelerating automation efforts, according to Aon.

Insurers need to rethink their workforce strategies as the industry faces rapid change, Aon’s report titled Three Roles to Build Insurance’s Next-Generation Workforce, stated. The talent profiles insurers must develop to stay competitive amidst the rise of AI, automation, and evolving business risks.

Similarly, the industry will likely have the largest increase in information technology (IT) budget spending this year, as financial institutions are entering 2026 with competing technology priorities. The biggest expected IT budget rises are expected to surge by 13.8% in life and health insurance and 12.9% in property and casualty insurance, according to Celent, a GlobalData company.

Also, majority of CEOs from insurance companies remain cautiously optimistic despite ongoing economic uncertainty, climate risks and rapid technological change, with 82% of them saying they are confident in their company’s growth.

This was also higher than the 74% in 2024, whilst 78% are confident in the overall industry, according to KPMG International’s 2025 Insurance CEO Outlook.