Insurance Industry News / 26.07.2016

http://www.insurancebusinessonline.com.au, July 26, 2016, by Jordan Lynn A survey conducted by Munich Re has shown that most businesses are unprepared for driverless cars. Conducted at the 2016 Risk and Insurance Management Society Conference (RIMS), the survey found that 65% of risk managers believe their companies have done nothing to prepare for the emergence of autonomous vehicles (AVs). Mike Scrudato, Senior Vice President, mobility domain at Munich Re US, told Insurance Business that the insurance industry still has a ways to go before it is ready for the emergence of driverless technology. “We believe liability will shift, exposures will be more complex and coverage issues...

Insurance Industry News / 13.07.2016

http://gizmodo.com, July 13, 2016, by William Turton The revelation last month that a fatal car cash involved Tesla’s ‘Autopilot feature’ has sparked a debate over liability when it comes to assisted driving: Who’s legally at fault in a crash if a car is being somewhat controlled by a computer? Tesla offered a statement following the May 7 fatal crash: “The vehicle was on a divided highway with Autopilot engaged when a tractor trailer drove across the highway perpendicular to the Model S. Neither Autopilot nor the driver noticed the white side of the tractor trailer against a brightly lit sky, so the brake...

Insurance Industry News / 03.07.2016

http://www.perthnow.com.au, July 3, 2016, by Danielle Le Messurier SURF Life Saving WA expects to use drones within two years to help save lives along the state’s coastline. SLSWA services manager Peter Scott said it was “inevitable” the organisation would eventually use the battery-powered technology for beach surveillance. “I would be surprised if within a couple of years we didn’t have them within our operational makeup,” Mr Scott said. Perth-based company Shark Shield recently announced a partnership with a new emergency response drone, dubbed the Little Ripper Lifesaver. The military-grade drones, which can fly up to 100km and are worth $250,000 each, are being trialled in...

Insurance Industry News / 30.06.2016

http://www.insurancebusinessonline.com.au, June 30, 2016. by Mina Martin With the rise of driverless cars, an independent research company says the cost of car insurance will plummet by two-thirds, reported Auto Express. A new report by Autonomous Research suggests that driverless cars will cut UK insurance premiums by 63 per cent by 2060, causing the motor insurance industry to shrink by over 80 per cent. Said Auto Express, 42 per cent of the current global motor market is made up of motor insurance policies, with one-third of all claims generated from rear-end shunts − two- thirds of which occurred at speeds below 30 mph –...

Insurance Industry News / 14.06.2016

http://insurancenews.com.au/local/threat-remains-from-faulty-infinity-cable, June 14, 2016 The Australian Competition and Consumer Commission (ACCC) has again urged residents to have their homes checked by qualified electricians for potentially dangerous Infinity electrical cables. Thousands of homes are still fitted with the product despite a nationwide recall almost two years ago. The cables, imported from China, turn prematurely brittle and break when placed under stress near heat sources and roof access areas. “There is a significant risk of serious injury or death for the many Australians whose households had unsafe Infinity electrical cable installed from 2010 in NSW and 2011 or 2012 elsewhere in Australia,” ACCC Deputy Chairman Delia...

Insurance Industry News / 07.06.2016

http://www.businessinsider.com.au/property-market-risk-climate-change-storms-2016-6, June 7, 2016, by Paul Colgan Insurance companies were sold down at the start of trade on the Australian market, with share price falls for the likes of IAG and QBE linked to uncertainty over the exposure to damages from the deadly storms that struck the east coast over the weekend. So far, insurance companies have received more than 11,000 claims with estimated insured losses of $38 million. Most of it is linked to damage to roofs and gutters, and some flooding of cars – the stuff of typical storm-related claims. But there was more severe damage in some places, most spectacularly...

Insurance Industry News / 06.06.2016

http://www.gizmodo.com.au, June 3, 2016, by Sophie Kleeman Google’s driverless cars are tiny, compact and have what can only be described as “car face” with headlights that look like eyes and a sensor that looks like a nose. Generally speaking, they’re pretty cute, which makes Google’s latest experiment — teaching them to honk — all the more amusing. The effort is laid out in Google’s May self-driving car report, which describes the honk (a primal, animalistic call if ever there was one) as the self-driving car’s “voice”. But instead of the human method of honking (reflexive, irrational, aggressive and often accompanied by unintelligible...

Insurance Industry News / 31.05.2016

http://autotalk.com.au, May 27, 2016, by Max Pichon Driverless vehicles conducting rolling research are going to be hitting Queensland’s roads soon. The Queensland University of Technology has been working with state government to integrate “connected and automated vehicles” onto the road network. Main roads minister Mark Bailey to parliament of the plan, noting that it was in negotiations with Bosch and QUT’s accident research department “to test cooperative and highly-automated vehicles on our roads. He noted that Queenslanders should start getting used to cars doing the driving for them. Driverless vehicles have already been tested in Australia, getting their L-plates in Adelaide last year. Bailey, speaking at...

Insurance Industry News / 31.05.2016

http://www.themotorreport.com.au, May 27, 2016, by Kez Casey Tired of your insurance premiums going up year after year? Autonomous vehicle could bring you some relief, with analyst firm Deloitte suggesting self-driving technology could reduce premiums by up to 30 percent. Changes in the way people use their cars will also shape changes to the insurance market, with a rise in vehicle sharing also targeted as a factor in keeping premiums down. The advanced accident detection and avoidance technology packaged into autonomous vehicles reduces the associated risk to insurance companies – one of the key areas your premiums are based on. Of course, the safety of...

Insurance Industry News / 24.05.2016

http://www.insurancebusinessonline.com.au, Sydney, AU, Tuesday May 24, 2016, by Mina Martin How prepared is the global community for natural disasters? The World Bank says not enough. With climate change-linked disasters on the rise, the World Bank says that without preventive action, 1.3 billion people and $158 trillion in assets are at risk by 2050. This is according to a report released by Global Facility for Disaster Reduction and Recovery (GFDRR), the bank-run body that focuses on disaster mitigation. GFDRR reported that total damages from natural disaster have surged in recent decades. Total annual damage – averaged over a 10-year period – had risen tenfold...