The loss figure covers property and motor hull lines of business, in line with the PERILS coverage definition for Australia and based on data collected from affected insurers.
Move comes after Hong Kong introduced its streamlined re-domiciliation regime in June, giving overseas insurers a smoother route to shift their legal base onshore.
Strengthened internal controls and clearer progress on long-standing audit issues feature in the agency's more optimistic view, while investment income continues to support earnings.
