In this episode of the Weekly Insurance News Wrap, Paige Estritori discusses severe weather conditions leading to a substantial increase in weather-related insurance claims in Australia, thus affecting insurer profitability. The requirement for strategic planning and affordable insurance is emphasized. The show proceeds to explore the insurance industry's need to modernize and embrace Artificial Intelligence to optimize data-driven decisions and reduce manual time waste. Subsequently, the program underscores the importance of understanding policy exclusions via a flight cancellation claim case. Finally, concerns are raised regarding the improvement of cybersecurity defenses with the Australian Prudential Regulation Authority insisting on the strengthening of identification and authentication protocols. Stay tuned to Financial Services Online for more insights into the insurance industry.

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