This focus on catastrophe risk is also expected to fuel market expansion, with GWP forecast to grow at a CAGR of 11.5% through 2030 amid rising losses.
Taiping Hong Kong pledges swift claims handling and full support for those affected by the fire that has killed at least 94 people at the scaffold-wrapped estate.
November events added up to A$510m (US$332m) in estimated losses, with nat cat events depleting two-thirds of insurer's natural hazard allowance less than five months into the year.
The regulator also highlighted the need for deeper organisational alignment, noting that robust internal systems and clearer procedures are essential for protecting policyholders.
The initiative uses a combination of insurance and technology, integrating big data, artificial intelligence, and IoT tools to enhance the monitoring and protection of ancient trees.
