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.
Insurer says it paid out HK$347.98m (US$44.7m) in claims in 2024, with Employees’ Compensation and Marine segments both reaching a 100% settlement ratio.
The fire has killed at least 94 people, with insurance claims estimated at HK$2.6bn (US$334m), and general property and CAR policies described as "severely underinsured".
Insurers in Asia-Pacific are increasing their use of risk-mitigation incentives and advanced analytics as natural catastrophe losses rise across the region.
Mackinnon is set to join the business in H1 2026, pending regulatory approval, following his tenure as Lloyd’s Regional Director for APAC, Middle East, and Africa.
Flames have engulfed multiple towers of Wang Fuk Court, prompting the city’s highest fire alarm, and with reports emerging of residents trapped in their homes.
