Fire and ISR, the largest unauthorised foreign insurer (UFI) class, led the decline with new or renewed premiums invoiced down 27.3%, based on APRA data.
Subramanian also pushed back against claims that the overhaul would lead to widespread job losses, adding that reforms would expand the distribution network.
The new reinsurance broker will initially serve Korea and Japan from Singapore before expanding into Southeast Asian markets including Malaysia and Indonesia.
