• Embedded insurance still has sizable growth opportunities, including high transaction volumes in areas like e-commerce and SMEs.

• But experts warn that too many simple integration offerings could lead to consumer fatigue.

• Success will require relevance, clear customer value, and the right 'hook'.

• Cyber and high-value items are seen as examples of segments with huge growth potential but present unique difficulties.

• Gen AI and machine learning could personalise and improve embedded insurance offerings.

• New law, effective from July 2024, aims to curb anti-competitive practices in bancassurance.

• Amendments prohibit bundling non-compulsory insurance products with other financial services.

• Change follows consumer complaints about mis-selling of insurance, which led to a drop in consumer confidence and sales

• Life insurance premiums saw a drop of 12.5% in 2023, while non-life premiums saw a modest 2.4% increase.

• AM Best believes regulatory changes will initially slow bancassurance growth but ultimately restore policyholder confidence.

• AIA Group delivered 33% VONB growth to US$4.03bn in 2023.

• Net profit expanded 15% to US$3.76 billion in 2023.

• Hong Kong saw an 82% increase in VONB, driven by Mainland Chinese visitors.

• Mainland China's VONB grew 20%, with a 28% increase from February to December 2023.

• AIA Thailand and AIA Singapore reported VONB increases of 21% and 10% respectively; AIA Malaysia saw 7% growth.

• Negative consumer sentiment in Vietnam impacted AIA's 'Other Markets' segment, though excluding Vietnam the segment grew 15%.

• APRA and ASIC issued a letter to help insurers prepare for the Financial Accountability Regime (FAR), effective 15 March 2025.

• FAR aims to boost responsibility and accountability in financial institutions, including for senior executives and directors.

• In the letter, regulators outlined steps insurers should take to prepare.

• They also published an information package with guidance and templates and opened a consultation on a draft amendment.

• APRA and ASIC will support insurers with webinars in April to help clarify new requirements.

• NSW introduces legislation requiring insurers to share specific data.

• NSW is only mainland Australian state funding emergency services through an insurance tax, which is believed to be a key contributed to high premiums and low uptake.

• Government announced Emergency Services Levy (ESL) reform in November.

• Latest move aims to allow government to access anonymised data on insurance premiums and ESL component to help redesign emergency services funding.

• Fitch Ratings affirms Nippon Life Insurance Company's IFS rating at 'A+' and IDR at 'A', with a stable outlook.

• Post-Covid-19 recovery improved insurer's core profit margin to 13% in 1HFYE24.

• Company set to acquire nursing company Nichii Holdings for JPY210bn, with manageable integration risks.

• Insurer's statutory solvency-margin ratio (SMR) stood at 1035% and consolidated economic solvency ratio (ESR) at 240% as of September.

• However, significant investment in domestic equities presents a risk, with a risky assets ratio of 163% as of March 2023.

• Bolttech partners with Back Market, a marketplace for refurbished devices, on embedded insurance in Japan.

• 'Back Up', provides cover for breakage, corrosion, and liquid damage for devices, as well as free data recovery and dedicated repair for phones.

• This marks bolttech's second embedded partnership announcement this week, following Middle Eastern partnership with stc, a telecommunications firm.

Bryan is Lloyd’s incoming General Representative for Australia.