Brokers will have 12 months from commencement to fully implement transition requirements covering strata, remuneration disclosure, vulnerable clients, record-keeping and renewals.
The trade bodies, whose members represent around US$200bn in gross written premiums, will share evidence on resilience, regulation and extreme weather, alongside emerging risks such as cyber and AI.
The industry's next priorities include stepping up anti-fraud awareness work, embedding new distribution rules, advancing risk management reforms and preparing for future catastrophe events.
The charge accounts for around 9% of premiums across levied classes, and the council warns it may push households to raise excesses and cut sums insured.
Insurance research institute told a Seoul workshop that correlated shocks from both perils need dispersing through reinsurance, capital markets, and a defined public-private framework.
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