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"Personal Auto"
Autonomous vehicle technology, a rise in on-demand transportation and a shifting of liability to manufacturers will shrink the auto insurance sector by more than 70 percent or $137 billion by 2050, according to updated research by KPMG.
In a 2015 report, KPMG said the market would shrink by as much as 60 percent by 2040. Continue reading
A judge added to the uncertainty Tuesday when he extended a temporary order barring the state from issuing pot distribution licenses to existing medical marijuana dispensaries so they can begin recreational sales July 1. Continue reading
As more bots handle claims and perform underwriting tasks, should human employees be concerned? Human industry experts say there’s no need to worry. Continue reading
Understanding insurance can be tricky especially when it comes to understanding the wording in your policy. A insurance policy is a contact between the policy holder and the insurance company providing the insured, insurance. A few common sections of a policy include a declaration page, definitions, insuring agreement, exclusions, conditions, exclusions, and riders. Continue reading
The Toyota Research Institute (TRI) is exploring blockchain and distributed ledger technology (BC/DL) for use in the development of driverless cars. TRI is collaborating with the MIT Media Lab and other industry partners on ways that both businesses and consumers may share driving and autonomous vehicle testing data, manage ride-share and car-share transactions and store vehicle usage information that could be used in the setting of insurance rates. Continue reading
Michael Johnston, the great, great grandson of the founder of one of the first Baptist churches in Texas, grew up being constantly warned about sin, including the evils of television and dancing. Thus it is a bit strange even to him that he has come to be known as the “marijuana guy” among insurance claims professionals. Continue reading
Loss trends are still outpacing rate changes. Also, the U.S. P/C industry statutory combined ratio will likely hit 108 in the coming months, a 3.5 percentage point rise and the weakest result in 15 years, Fitch Ratings noted in a new report. Continue reading
