As industry bodies warn that surging motor insurance fraud could result in higher premiums, consumer advocates are demanding stronger scrutiny of claims data.
Insurers see prediction markets as a source of data and a possible hedging tool rather than a rival, but regulation, settlement and data integrity remain obstacles in APAC.
Under the proposed rules, insurers and takaful operators would have to check customer understanding before underwriting and stop sales that cannot meet a customer's needs.
