Victorian Managed Insurance Authority said it will raise premiums due to record claims, driven by builder insolvencies, high inflation, and skilled worker shortages.
Wider AI use by businesses could add $4.4trn to annual global GDP growth and bring cyber risk directly into a number of general insurance lines says the Swiss Re Institute.
The parametric product, underwritten by Swiss Re and provided locally by ICICI Lombard, was triggered by 40°C heatwaves in May, paying out to 46,242 low-income women in India.
