This week in insurance: Philippines to expand coverage for OFWS, Allianz sells stake in 2 Indian units, Manulife Asia gets new CEO

Financial security and coverage seems to lack amongst business leaders and mothers.

Asia-Pacific's insurance sector from 17 to 21 March witnessed some notable rule change in the Philippines and an insurance giant appointed a new CEO for Asia.

Philippine Senate President Pro Tempore Jinggoy Ejercito Estrada is proposing an expansion of the compulsory insurance coverage for overseas Filipino workers (OFWs) to include rehires, direct hires, and government hires. The measure, outlined in Senate Bill No. 2948, seeks to amend Republic Act No. 8042, or the Migrant Workers and Overseas Filipino Act of 1995, ensuring that the insurance policy comes at no cost to OFWs. He stressed that recruitment agencies and foreign employers should be held accountable for their obligations. Under SB 2948, only reputable insurance companies registered with the Insurance Commission (IC) for at least five years will be eligible to provide coverage. 

Meanwhile, in a survey by Sun Life Asia, nearly two-thirds of women in the Philippines said they feel more financially secure versus their mother's generation, but traditional family roles and responsibilities continue to hinder financial stability. Around 36% of mothers report stress from balancing the needs of children and parents, reflecting multi-generational caregiving burdens. The report surveyed over 3,000 women across the Philippines, Hong Kong SAR, Indonesia, Malaysia, Singapore, and Vietnam to assess financial attitudes, behaviours, and challenges. 

Similarly, 65% of business leaders in Hong Kong are concerned about income loss from business interruptions, only 24% have insurance to cover this risk, according to QBE Insurance’s latest report. The QBE Hong Kong SME Survey gathered insights from 600 business executives on key risks and opportunities, including workplace safety, talent retention, and insurance coverage. Rising property rental prices remained the top business concern for the second consecutive year, cited by 67% of respondents, up from 64% in 2024.

Allianz SE has signed binding agreements with Bajaj Finserv Ltd. to sell its 26% stake in Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company for approximately $2.84b (€2.6b). The stake will be acquired by the Bajaj Group, with Allianz potentially receiving the proceeds in multiple tranches. 

Ping An Property & Casualty Insurance (Ping An P&C), a subsidiary of Ping An Insurance Group of China, has partnered with FAW Hongqi Auto Sales to launch the Hongqi Intelligent Driving Protection Services. The new service aims to enhance travel safety and support the growth of the intelligent vehicle industry. Ping An P&C and FAW Hongqi are working together to develop insurance models for intelligent vehicles, including building a risk database and upgrading protection solutions.

In terms of big industry moves, Manulife has appointed Steve Finch as President and CEO of Manulife Asia, effective 9 May. Finch succeeds Phil Witherington, who has been appointed as Manulife’s President and CEO on the same date.