The Australian Government introduced the AU$10bn (US$6.7bn) cyclone and flood damage reinsurance pool in July 2022 to help insurance companies manage NatCat risks.
Insurers are taking proactive steps to address reinsurance costs and the impact of NatCats, while post-covid conditions should positively impact claims and underwriting profitability.
The (re)insurer is developing its inward reinsurance portfolio and with its expansion to Macau can now provide motor policies which cover the greater bay area.
Specialty (re)insurance coverage, involving 13 underwriters, has enabled a salvage operation for The FSO Safer which holds 1.14 million barrels of light crude and has been deteriorating since 2015.
Despite two capital injections worth US$1bn and a return to net profit, Fubon's credit ratings remain under scrutiny due to money owed from reinsurance counterparties.
