Currently viewing the category:
"Commercial Auto"
Flying commuters like George Jetson could be whizzing to work through the sky less than 10 years from now, according to ride-services provider Uber, which believes the future of transportation is literally looking up.
Uber Technologies Inc. released a white paper on Thursday envisioning a future in which commuters hop onto a small aircraft, take off vertically and within minutes arrive at their destinations. The flyers would eventually be unmanned, according to the company. Continue reading
The marketplace for commercial insurance will continue to favor insurance buyers in 2017, particularly those with strategic risk management and risk transfer strategies, according to Willis Towers Watson’s 2017 Marketplace Realities report.
The report points to strong marketplace capacity as a key driver in market conditions and contends that this ample capacity will likely allow insurers to absorb any natural catastrophe losses in 2016, including those from Hurricane Matthew and the Atlantic hurricane season. Continue reading
Self-driving cars hold the promise of saving thousands of lives each year on U.S. roads. But does pointing out flaws with the technology effectively put people in danger?
That claim was put forth last week by Tesla Motors CEO Elon Musk, who criticized the media for harping on the relatively few crashes involving Tesla’s semi-autonomous driving system called Autopilot, while saying little about the about the 1.2 million people who die worldwide each year in human-driven vehicles. Continue reading
ATLANTA — Cyber liability insurance is offered by most big-name insurers, but it remains, and will continue to remain for the foreseeable future, largely an excess and surplus lines product.
The changing nature of the coverage and the size of the risks involved make it a natural for the nonadmitted market, experts say. However, admitted insurers have made inroads into the cyber liability insurance sector and will likely grow their share, they say.
David J. Bresnahan, Boston-based executive vice president of Berkshire Hathaway Specialty Insurance Co., said he estimates that some 90% of cyber insurance business is in the nonadmitted market. Continue reading
A new study from the University of Iowa College of Public Health has found that traffic accidents involving farm vehicles in the Midwest would decrease by more than 50 percent if state policies required more lighting and reflection on those vehicles.
The study by the college’s Great Plains Center for Agricultural Health (GPCAH) compared rates of farm equipment–related crashes in nine Midwestern states in the context of the states’ policies on lighting and marking vehicles. Those states report an average of more than 1,100 farm vehicle-related crashes each year, often causing severe or fatal injuries. Continue reading
The new U.S. policy on self-driving cars received a mixed reaction from highway-safety advocates who acknowledged the life-saving potential though warned of a world of “human guinea pigs.”
The Transportation Department’s new guidelines give carmakers and states “the green light to innovate while keeping safety at the forefront,” said Deborah Hersman, president and chief executive officer of the National Safety Council, an Itasca, Illinois-based nonprofit that seeks to reduce injuries and deaths on the road. Continue reading
Now that the yearly task of filing personal taxes has passed, this is an opportunity to discuss another type of filing for businesses that occurs every year – the workers’ compensation and general liability audits. In comparison, insurance audits and filing taxes are similar in that both are mandatory, annually. The workers’ compensation and general liability audits are conducted at the end of each policy period to verify that the premium is correct for the exposure during the policy period. In the event there is a claim, the claim might be denied because the premium exposure for the policy term within the policy period where the claim occurred was underinsured. Continue reading
The rollout of autonomous vehicles over the next few decades could lead to a massive reduction in U.S. motor vehicle premiums in the coming years, Aon Benfield said in a new report.
Expectations are that “industry pure premiums” will drop 20 percent under their 2015 levels by 2035, even if the technology is adopted at just a moderate pace, Aon Benfield said. Assuming the same moderate trajectory, those premiums could plunge by more than 40 percent if full adoption of autonomous vehicles takes place, as expected, by 2050. Continue reading
