Improvement in underwriting performance attributed to a lower expense ratio and operational scale expansion, though the agency noted earnings remain reliant on investment returns to offset losses
The insurer's potential exposure will hinge on legal and contractual proceedings following the project's termination over force majeure and war-risk circumstances.
Asia's commercial space sector is expanding faster than local insurance capacity, leaving operators reliant on overseas reinsurers as orbital congestion emerges as a new underwriting risk.
The insurer will pursue a further appeal after an appellate authority confirmed a disputed GST demand and penalty relating to the period between July 2017 and March 2022.
