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While some might find the recent announcement that Google (along with Volvo and Mercedes-Benz ) will accept responsibility for any accidents resulting from a flaw in the design or components of their self-driving cars to be sheer showmanship at this stage in their development, at least one observer … [Read more...] about Could Google Be Auto-Piloting Itself Into The Insurance Business?

Cybercrime is costing the global economy nearly half a trillion dollars a year, according to the insurer Allianz. It's a major threat to businesses, which are looking for ways to protect themselves. One option is cybercrime insurance. Mark Patterson found out the hard way that firewalls and … [Read more...] about As Cybercrime Proliferates, So Does Demand For Insurance Against It

But the head of Volvo warns that without broad federal guidelines, the U.S. is at risk of losing its leadership position in the development of self-driving cars. Two questions loom over automakers and tech companies as they push forward with the development and testing of self-driving cars: “Who is … [Read more...] about Volvo CEO: We will accept all liability when our cars are in autonomous mode

It is shaping up to be one of the most expensive product recalls in history but insurance experts say Volkswagen is unlikely to be covered. Volkswagen has conceded to installing a device into diesel-engine cars that hides true emission levels during testing. The manufacturer says the device was … [Read more...] about Product recall uncertainty for VW

ACE Group has announced that they will become the underwriter of a major Australian product line. The international giant has revealed that it will back Calliden’s residential products across the country from November 1. The deal will see ACE take on the Calliden Home portfolio, which will … [Read more...] about Global player ACE announced as new underwriter

Insurance has never been the most exciting industry when it comes to technology or innovation. Even if insurers exist to underwrite risk, they are risk averse when it comes to adopting newer technology or, accepting innovation. However unlike before, we are starting to see a significant change in … [Read more...] about Innovation in Australia’s insurance industry

Hacker attacks or faulty software could shift the burden of legal and regulatory liability toward makers of self-driving cars and away from customers, experts say, forcing regulators and insurers to develop new models. Autonomous cars have the potential to reduce the rate of traffic accidents as … [Read more...] about Autonomous cars shift insurance liability toward manufacturers

Insurance companies are readying for an influx of demand from businesses for cyber indemnity products when mandatory data-breach reporting laws are come into effect at year's end. Mandatory data-breach reporting has already been legislated in the United States and Europe. Cyber security experts … [Read more...] about AIG, Chubb and Allianz readying for flood of cyber insurance requests