EV adoption, premium rate increases, and technology-enabled underwriting are expected to support expansion in the segment through the second half of the decade.
The reforms target lower personal injury premiums, broader access to time-based motorcycle insurance, and the transfer of no-claims discounts when motorcycles are replaced.
The loss figure covers property and motor hull lines of business, in line with the PERILS coverage definition for Australia and based on data collected from affected insurers.
Despite the phased liberalisation of motor and fire pricing, AM Best notes that Lonpac’s robust capitalisation and stable performance continue to underpin its ratings.
