Japan’s loss-free property cat programmes fell 15% to 17.5% risk-adjusted, with double-digit declines reported in India, the Philippines, and South Korea.
The institute said the fallout could stretch beyond underwriting, with currency swings, weaker risk assets and inflation concerns adding pressure to insurers’ balance sheets.
Premiums will be shared with participating manufacturers and importers, with cover applied automatically to eligible EVs and claims handled on a “pay first, settle later” basis.
