Industry-wide insurance service results jumped 27% YoY, supported by claims stabilisation and fast premium growth across cyber, mortgage, marine, aviation, and consumer credit.
The review will examine how professional indemnity insurance operates when financial services firms enter voluntary administration, winding-up, or deregistration.
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.
Move comes after Hong Kong introduced its streamlined re-domiciliation regime in June, giving overseas insurers a smoother route to shift their legal base onshore.
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.
