The insurance industry is on the horns of a dilemma: how to use new technologies to improve their operations and how to insure the risks these new technologies present to their customers.
The pace of technology is changing at faster rates than ever before and continues unabated despite the associated risks. New technology startups constantly enter the field, using technologies that impact multiple industries and user groups. Additionally, new technologies are developed virtually every day and are released almost immediately. 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
The rejection of a $100 million settlement with drivers comes with plenty of silver linings for Uber Technologies Inc. The gray cloud for the ride-hailing company is that a dozen or so lawsuits that would have been silenced may now roll back in.
A San Francisco federal judge concluded the deal was unfair in large part because it undervalued potential labor code violations under California’s unique bounty-hunter law, known as PAGA. The settlement sought to sweep under the rug lawsuits with potentially billions of dollars in claims under the law, which gives workers the right to step into the shoes of the state labor secretary to bring enforcement actions. Continue reading
Risk managers are exploring quantification techniques to better understand their cyber risk exposures and how much cyber insurance to buy, as well as other risk mitigation techniques. Continue reading
Self-driving trucking start-up Otto is poised to put its software in the hands of long-haul truckers by the end of this year for testing, its co-founders said on Thursday.
Otto, co-founded by Google car and map project veterans Anthony Levandowski and Lior Ron, will also begin testing five retrofitted Volvo trucks at Northern California’s autonomous vehicle testing grounds, GoMentum Station, in coming weeks. Continue reading
As if texting and e-mail weren’t enough to capture people’s attention as they are walking or driving, now Pokémon Go is creating yet another reason to take your eyes off the road or not watch where you’re walking in the airport, at the mall or on the street.
It’s only been available for a week in the United States, but Pokémon Go has become the latest technology craze to mesmerize gamers of all ages.
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Visa and MasterCard are using security measures prone to fraud, putting retailers and customers at risk of thieves, The Home Depot Inc. says in a new federal lawsuit.
It’s the latest giant retailer to raise the security concerns, with a lawsuit filed this week in U.S. District Court in Atlanta. Last month, Arkansas-based Wal-Mart Stores Inc. sued Visa Inc. over similar issues. Continue reading
Connecticut Bookmaker Gets Prison Time in Insurance Fraud Scheme
A bookmaker who pleaded guilty to charges he shot a gambler with a stun gun and tried to burn down a Middletown restaurant in an insurance fraud scheme is headed to prison.
The Hartford Courant reports 52-year-old John Barile of East Hartford was sentenced Tuesday to 71 months in federal prison. He pleaded guilty in February to charges of arson, insurance fraud, gambling and extortion. Continue reading
