AU$855m (US$555m) deal includes a 25-year distribution agreement, with an option for IAG to purchase the remaining 10% underwriting business in two years.
Sia Partners benchmark of digital motor and property journeys reveals Australia at top, Hong Kong and Singapore duking it out mid-table, while China has significant potential for improvement.
Majority of losses come from motor line, with Office of the Insurance Commission announcing new disaster management measures to expedite industry response to floods.
AM Best maintains 'Stable' outlook for non-life market, spotlighting prospects for motor and health, which are balanced by economic and underwriting challenges.
