The proposed registry would give insurers access to richer claims, policy and risk data, helping improve underwriting accuracy, pricing discipline and portfolio management.
The Indian lender's programme reportedly carries aggregate cover of about ₹7.5bn (US$78.4m), though sources say the loss limit applying to this incident is closer to ₹3bn.
Licences are due to be issued from November, and HKFI says access to operational data is critical for insurers to assess the new risk and develop appropriate pricing models.
Measures targeting insurance fraud, corporate governance, and AI adoption form part of the regulator's broader financial-sector reform programme for H2.
Executives at ITC Asia said insurers should make data collection a visible value exchange while simplifying disclosure, reducing friction and improving customer experience.
