This focus on catastrophe risk is also expected to fuel market expansion, with GWP forecast to grow at a CAGR of 11.5% through 2030 amid rising losses.
November events added up to A$510m (US$332m) in estimated losses, with nat cat events depleting two-thirds of insurer's natural hazard allowance less than five months into the year.
Insurers in Asia-Pacific are increasing their use of risk-mitigation incentives and advanced analytics as natural catastrophe losses rise across the region.
