The insurance sector witnessed a dynamic week from 23 to 27 March 2026, marked by new partnerships, product launches, steady recruitment trends, continued mergers and acquisitions, and a notable increase in technology spending. Despite ongoing economic uncertainties and industry transformation pressures, leaders remain cautiously optimistic about growth prospects.
Strategic Partnerships and Product Launches
Several notable collaborations emerged this week. Willis, a WTW business, has teamed up with Circle Asia to introduce a new art insurance facility targeting individual collectors and galleries across Asia. According to a joint press release dated 23 March 2026, the facility combines Willis’s expertise in specialist arts insurance with Circle’s digital platform to protect fine art, jewellery, and specie collections.
In a similar move, Liberty Specialty Markets expanded its fine art and specie insurance services across Asia, providing bespoke coverage for high-value assets owned, stored, or transported by individuals and businesses.
On the Shariah-compliant front, Etiqa Insurance Singapore and AIA Singapore launched a distribution partnership to enhance access to ethical Takaful solutions. The collaboration aims to offer socially responsible financial products to both Muslim and non-Muslim clients.
Workforce and Hiring Outlook
Labour market expectations remain stable. The 2026 Hays Asia Salary Guide anticipates steady recruitment across Hong Kong’s insurance sector, driven by demand for high-net-worth (HNW) and ultra-high-net-worth (UHNW) client services, as well as expansion into health, wellness, and investment offerings.
Mergers, Acquisitions, and Technology Investment
Global insurance M&A activity stabilised in 2025 following a prior downturn. Clyde & Co reported 211 completed deals worldwide, up slightly from 202 deals in 2024, indicating cautious market recovery.
Technology investment continues to accelerate. Aon predicts that automation could replace up to 43% of insurance tasks by 2030, with 97% of insurers actively increasing automation initiatives. According to Aon’s Three Roles to Build Insurance’s Next-Generation Workforce report, companies must adapt talent strategies to remain competitive amid AI, automation, and evolving risks.
Financial institutions are also prioritising IT budgets in 2026. Celent, a GlobalData company, projects the largest increases in IT spending for the sector: life and health insurance budgets are expected to grow by 13.8%, and property and casualty insurance by 12.9%.
CEO Confidence
Despite challenges from climate risks, rapid technological change, and economic uncertainty, insurance CEOs are optimistic. KPMG International reports that 82% of CEOs are confident in their company’s growth—a rise from 74% in 2024—while 78% express confidence in the broader industry outlook.
Key Industry Statistics, 2025–2026
| Metric | 2024 | 2025 | 2026 Projection |
|---|---|---|---|
| Global M&A Deals | 202 | 211 | – |
| CEOs Confident in Company Growth | 74% | – | 82% |
| CEOs Confident in Industry | 72% | – | 78% |
| Expected IT Budget Increase – Life & Health | – | – | 13.8% |
| Expected IT Budget Increase – Property & Casualty | – | – | 12.9% |
| Insurance Tasks Replaced by Automation by 2030 | – | – | 43% |
| Insurers Accelerating Automation | – | – | 97% |
This week underscores the industry’s continued evolution, combining strategic partnerships, digital innovation, and cautious optimism for both workforce and financial growth.