As operators assume greater responsibility for power infrastructure, insurers face new questions around batteries, construction, curtailment and BI coverage.
Fitch expects the exposure to ease once the arm merges with sister company Acenda Life, which runs a lower-risk portfolio, with the merger creating Australia's fourth-largest life insurer.
AXA, BOC Group Life, FWD, HSBC Life and Manulife sit among 30 institutions involved in 36 use cases selected from nearly 100 proposals, in a cohort now spanning banking, securities, insurance and MPF.
Designed for tunnel owners, developers and contractors, the cover funds specialist rescue and crisis-response operations following major underground incidents.
At least 177 have died and 826 are unaccounted for, with insurers estimating early claims for hydropower and construction projects at least in the hundreds of millions of rupees.
Stronger underwriting across motor, fire and casualty insurance helped offset higher catastrophe losses, while overseas investment income supported earnings growth.
