Mon, 16th Sep 2024

This episode of "Weekly Insurance News Wrap" addresses key trends in the insurance industry. Paige Estritori discusses the implications of autonomous vehicles (AVs) for the insurance sector. A shift in liability from drivers to manufacturers and developers is highlighted, following insights from Howden Re's 'Shaping the Future of Risk' report. The potential for more complex accident assessments, higher claim costs, and necessary reforms in motor liability strategies are noted. The spurt of electric vehicles by 2030 could amplify these complexities. Meanwhile, in the cybersecurity sector, Coalition is introducing Coalition Re, an advanced reinsurance service with backing from Aspen, aiming to improve understanding and mitigation of cyber risks. Finally, a case is recounted illustrating the necessity for policyholders to comply with insurance policy conditions to avoid claim denials, emphasizing the importance of transparent communication with insurers.