Welcome back to Continuum Risk Update
Every Friday we pull the top Asia headlines on digital-asset regulation, cyber risk, industry moves and insurance signals, with concise takeaways and practical actions for insurers and corporate risk teams.
1) Regulatory
HKEX launches sweeping listing regime consultation
On March 13, Hong Kong Exchanges and Clearing released a consultation paper proposing 10 reforms to its listing rules, including lowering market cap thresholds, relaxing weighted voting rights rules, and streamlining routes for overseas issuers. The reforms directly target the return of US-listed Chinese companies and new economy enterprises, with the consultation running until May 8, 2026.
South Korea moves to regulate crypto influencersA Democratic Party bill introduced this week would require “finfluencers” to publicly disclose their crypto and stock holdings and any paid promotional compensation each time they recommend assets. Violations would be treated as capital market offences, carrying fines and potential criminal liability — bringing influencer conduct under the same enforcement framework as market manipulation.
2) Hacking & Physical Risks
“The Gentlemen” ransomware hits Thai financial services firmOn March 16, the ransomware group The Gentlemen claimed a cyberattack on Chase Asia, a prominent Thai debt collection and non-performing loan management company, threatening to release sensitive data unless negotiations begin. Thailand is the second-most targeted country for The Gentlemen globally, with the group directing up to 50% of its attacks at APAC targets.
Cyber attacks now hitting 1 in 4 M&A transactionsFTI Consulting’s CISO Redefined III report, published March 17, found that nearly 1 in 4 executives experienced a cyber incident during or shortly after a deal, with 42% reporting significant deal value reduction and 58% saying financial targets were impaired. Only 17% of CISOs reported meaningful collaboration during transactions — creating a critical governance gap at exactly the moment organisations are most vulnerable.
3) Industry & Markets
Japanese insurer-led APAC deal activity expected to continue in 2026Clyde & Co’s Insurance Growth Update, published March 17, found APAC was the standout region for insurance M&A in 2025 with deal volume jumping from 39 to 59 transactions — holding the majority of global mega deals. Japanese insurers, flush with capital, are expected to drive further cross-border acquisitions in 2026, with emerging markets like India and Thailand now in focus.
Global insurance M&A stabilises — specialty lines, cyber and AI in focusClyde & Co confirmed global insurance M&A stabilised at 211 deals in 2025. Insurers are sharpening their focus on specialty lines including cyber and AI exposures, and the report signals continued momentum in 2026 driven by pent-up demand and abundant private capital targeting strategic bolt-ons.
4) Insurance Spotlight
Cyber and data insurance flagged as defining APAC trend for 2026Kennedys’ newly appointed Asia-Pacific regional managing partner James Melvin identified cyber and data insurance as the key growth line for the region, warning that insurers’ rapid AI adoption is introducing new risks around bias, hallucinations, IP liability and vulnerability to cyber attacks.
Geopolitical tensions accelerating cyber insurance demand across AsiaGlobalData research shows 27.4% of insurance professionals expect cyber insurance to see the strongest demand increase as geopolitical pressures escalate. Swiss Re projects global cyber premiums will reach $16.4 billion in 2026, with APAC underwriting scrutiny intensifying around governance, incident response maturity and third-party controls.
