Aviva is preparing for the arrival of driverless vehicles by trying to seal deals with manufacturers.The emergence of driverless cars, which could be common within 15 years, is expected to rattle the motor insurance industry, with many concerned that insurance companies will no longer be needed.Read more
Babies born this year may never need to take a driving lesson as self-driving cars could hit Britain’s roads within 15 years, says the boss of a UK insurance company.Read more
IT IS not typhoons or earthquakes that insurers should fear most, but geeks alert to their businesses’ inefficiencies. Daniel Schreiber and Shai Wininger, tech entrepreneurs with no insurance background, spotted that the industry is huge, distrusted, antiquated and hopelessly unreformed.Read more
AS HACKERS wreak havoc with depressing regularity, the insurance industry finds itself forced to contemplate a whole new set of risks. They range from the theft of millions of credit-card numbers from American retailers to the disabling of the power grid, as happened in Ukraine last December.Read more
Drivers will be offered premiums based on their driving score under new plans which will allow them to share their record with new insurers. The system will allow insurers to “bid” for customers based on how well they drive.
Currently customers receive discounts from their insurer for installing a “black box”, a monitoring device in their car which tracks their speed and skill at driving.Read more
ON THE list of industries set to be disrupted by autonomous cars, the motor-insurance business can claim a high place. The regime of compulsory insurance in rich countries, with the insurer of the at-fault driver paying for damage, is reasonable in a world where 90% of accidents are caused by human error.Read more
The insurance industry is demanding a new legal right to claim damages from the makers of driverless cars. Both the industry and the government have been working on the thorny issue of how to insure the new breed of vehicles, especially when they are not fully autonomous.Read more