Successive severe tropical storms in the Philippines resulted in approximately US$195m in economic damages, while flooding in China reached about US$2m in insured losses.
The new standard would require insurers to sell products at prices that match pricing and expense assumptions filed with regulators, but exclude specified lines such as motor and agriculture.
Typhoon caused deaths, injuries, and widespread damage in Taiwan and China, with insured losses expected across agriculture, infrastructure, and motor lines.
