China's insurers are processing thousands of claims following Typhoon Bavi's landfalls in Zhejiang, with Ping An, PICC and China Pacific reporting early losses and payouts.
Low insurance take-up should cap insured losses, but the event may add scrutiny to the net retention strategy cedents have pursued in response to rising reinsurance costs.
The initiative could redirect NZ$600-700m (US$360-420m) annually towards natural hazard risk reduction while shifting fire services funding to the Crown.
