Reinsurance and cat bond cover will limit the earnings hit, but the agency said semiconductor-driven industry clusters could push net losses above 2016's.
Advantage is shifting from insurers competing on price to those combining agricultural expertise, analytics and flexible capital, says Swiss Re's Chandan Verma.
Estimates from across the broker and ILS market point the same way, with losses expected to fall short of the quakes that struck the same prefecture a decade ago.
A reported KRW380bn (approx. US$257m) property policy covering Coupang's Incheon logistics centre is under scrutiny as investigators work to determine liability for the fire.
The figures cover losses from typhoons Maysak and Bavi and wider July flooding, with insurers having already advanced CNY2.89bn (US$427m) to policyholders across Zhejiang, Guangxi and Hubei.
