Fire and ISR, the largest unauthorised foreign insurer (UFI) class, led the decline with new or renewed premiums invoiced down 27.3%, based on APRA data.
Insurers in Taiwan and Japan are reworking products to ease capital and surrender pressures, while panellists warn that data-centre exposures and interacting emerging risks may outpace current models.
Subramanian also pushed back against claims that the overhaul would lead to widespread job losses, adding that reforms would expand the distribution network.
The decision follows opposition from Queensland councils, with further changes aimed at preserving access to recovery assistance and easing funding eligibility.
The upgrade reflects Beazley’s strategic importance to Zurich, with the combined specialty platform expected to generate around US$15bn in business volumes.
