The expansion is fueled by several factors, including elevated claims, medical inflation, an ageing population, and ongoing infrastructure investments.
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.
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 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".
