- US Department of the Treasury and the Office of the US Trade Representative announce their intent to sign the Bilateral Agreement between the US and the UK on Prudential Measures Regarding Insurance and Reinsurance (US-UK Covered Agreement)
- Insurance Europe raises serious concerns in its response to a consultation by the European Commission on its draft proposals for the 2018 review of the Solvency II Delegated Regulation
- Insurance Europe seriously concerned by the quick-fix approach taken by the European Supervisory Authorities (ESAs) in their proposals for changes to the Key Information Document (KID) for Packaged Retail Investment and Insurance Products (PRIIPs)
- Commercial insurance prices in the US increased by over 2% in the third quarter of 2018 according to Willis Towers Watson CLIPS survey
- SME attitude to cyber security worrying says Aon after commissioning poll
- Beazley launches cyber and breach response portal that provides exclusive access to a wealth of risk management information and risk mitigation tools to its Beazley Breach Response (BBR) policyholders in the UK, France, Spain and Italy
- Royal London CEO and Chair to stand down expired
- Co-operators selects Guidewire Predictive Analytics for Claims to embed predictive insights into Guidewire ClaimCenter expired
- Willis Towers Watson launches latest version of its innovative Radar software expired
- Coverys to join DTW’s panel of capacity providers as one of its largest backers expired
- Peak Re launches Asia’s first sidecar transaction via a new Bermuda-domiciled special purpose insurer, Lion Rock Re expired
- Ed appoints CEO-designate and is setting up a new broking platform in Bermuda expired
10th October 2018
Driverless ships and aviation drones face fewer barriers to adoption than driverless cars says IUA survey
Driverless ships and aviation drones face fewer barriers to adoption than driverless cars. That is the view of underwriting professionals replying to an International Underwriting Association(IUA) survey on developing technologies.
Respondents expressed concern about a lack of associated infrastructures for autonomous modes of transport, as well as cost, technological capability, public perception and regulation. In each case these barriers to adoption were thought to apply most significantly to driverless cars.
However, all three types of vehicle are expected to be in widespread use within 10 years by more than 80% of practitioners.
The views were collected in an online poll of IUA members conducted by the association’s Developing Technology Monitoring Group(DTMG), which was established two years ago to examine how new technologies would impact upon various classes of insurance business. A series of questions were posed focussing on three key technologies: unmanned aerial vehicles or drones, autonomous vehicles and autonomous vessels. The survey sought to assess market expectations and concerns surrounding future coverage for each transportation method.
Daniel Fletcher, Technology Practice manager at Chubb Europe and chairman of the DTMG, comments “Insurance companies are embracing new technologies and developing broad, wide-reaching cover for a range of different risks. The expansion of such products generally mirrors the rate of development for the technologies themselves.
Unmanned aerial vehicles are currently the most widely used and this is reflected in the number of IUA members who stated in our survey that they are offering products in this area and, indeed, the geographical spread of cover. Autonomous vessels, however, could represent a significant potential growth area for the London Market with a quarter of the companies responding to our poll stating that they are considering launching a product in this field.
A growing interest in the work of the IUA’s Developing Technology Monitoring Group is also reflective of companies’ increased focus on these underwriting opportunities. The group has been well supported by members and considers issues relevant to a wide range of business classes including aviation, cyber, casualty, liability, marine and professional lines.”
Results from the IUA survey were discussed at a half-day conference hosted by the association. The event was attended by more than 50 London Market professionals and considered issues surrounding the use of artificial intelligence and Internet of Things devices, data privacy and systemic cyber exposure.
IUA Trends(238 articles)