This week in insurance: Prudential’s new CEOs, PH push for private riders benefits, India lacks coverage awareness

In India, only a third of policyholders are aware of the coverage details of their health insurance plans.

Asia-Pacific's insurance sector from 19 to 23 May welcomed two new CEOs, whilst Philippine insurers pushed for increased private vehicle insurance benefits.

Prudential plc has announced the appointment of Naveen Tahilyani as Regional CEO for India, Africa, the Philippines, Cambodia, Laos, and Myanmar, with added responsibility for the company’s Health segment. He will start on 29 July and will be based in India.

Separately, Prudential has named Rajeev Mittal as CEO of its asset management arm, Eastspring Investments, effective 1 July.

Still on company updates, Ping An Insurance was listed as the top insurance company in BrandZ’s Global Top 100 of the world’s most valuable brands this year, with brand value surpassing $26.3b, up 25% year-on-year.

FWD Group Holdings Ltd. has refiled an application for an initial public offering (IPO) on the Hong Kong Stock Exchange (HKEX). The updated Application Proof will be made available on the HKEX website, the insurer said in a media release.

As for regulations, the Philippines ordered transportation officials to raise private vehicle insurance benefits to match those provided to public utility vehicle passengers to improve compensation for victims of road accidents.

The Passenger Personal Accident Insurance provides up to $7,195.67 (₱400,000) in death benefits and $1,798.92 (₱100,000) for injuries per passenger. Currently, private vehicles offer a total insurance payout of only $3,597.83 (₱200,000), regardless of the number of passengers affected.

In Hong Kong, despite recent stabilisation in average medical expenses in Hong Kong, a sharp rise in service utilisation has pushed up staff medical insurance expenses by 55% over the past three years, an index revealed.

Post-pandemic demand has significantly increased, with the Outpatient Utilisation Index recording a 102% rise over the past two years. Common respiratory illnesses such as colds and acute upper respiratory infections were key drivers, rising by 25% year-on-year in 2024.

Hospitalisation rates, however, have not yet returned to pre-pandemic levels.

In India, only a third of policyholders are fully aware of the coverage details of their health insurance plans. Despite limited awareness, 63% of respondents initially believed their policies were adequate for unforeseen medical expenses.

Amongst the 409 respondents, more than two-thirds reported feeling vulnerable and worried upon realising their insurance coverage had been exhausted.

In light of these issues, 92% of policyholders said they would be more likely to purchase a health insurance product that automatically replenishes coverage limits once exhausted.