- IAIS will soon embark on a new strategic direction following approval of its 2020-2024 Strategic Plan and Financial Outlook(SPFO)
- EIOPA publishes 2018 Annual Report
- IPCC circulates Final Draft including the Summary for Policymakers(SPM) of the Special Report on the Ocean and Cryosphere in a Changing Climate(SROCC) to governments
- UK motor insurers had impressive 2018 but prospects could worsen in next two years says EY research
- FCA publishes first annual perimeter report
- Insurer legacy systems holding back single customer view and slowing digital transformation says new MarkLogic global survey
- Econocom research indicates that over a quarter of businesses(26%) have had digital transformation projects fail expired
- Riskbook the winner of the London semi-final round of the ACORD InsurTech Innovation Challenge (AIIC) expired
- Argo deploys AVYST’s bi-directional forms system, eForms Wizard, making it possible for clients and brokers to enter risk details just once, at source expired
- SURA Columbia successfully deploys its integrated claims fraud detection programme for motor personal lines with the FRISS accelerator for Guidewire ClaimCenter. expired
- Brown appointed Non Executive Director at SSP expired
- Randall steps down as Group CEO at R&Q 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)