The ICA said insurers are undertaking improvements to ensure profitable and sustainable products for Australians, despite challenges from Nat Cats and inflation.
Local media reports show that over the past five years, Korean insurance companies have experienced a tripling of claims payouts and a more than fourfold rise in the number of claims.
Beijing experienced its worst rainfall for 140 years and S&P Global Ratings warned P&C insurers to anticipate increased demand amidst an underwriting hit.
The credit rating agency revised the outlook from stable to negative, citing concerns over domestic insurers' increased exposure to NatCats due to reinsurance access difficulties.
