Insured losses from the event were estimated at US$300m, as global economic losses reached US$37bn, 43% below the 21st-century average and the lowest since 2015.
Group life insurance and reinsurance segments posted strong growth, offsetting flat insurance revenue and losses in Hong Kong property and casualty operations.
The ruling sets an important precedent that insureds cannot invoke the presumption of loss by perils of the seas where investigation was possible but not pursued.
