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Insurance has never been the most exciting industry when it comes to technology or innovation. Even if insurers exist to underwrite risk, they are risk averse when it comes to adopting newer technology or, accepting innovation. However unlike before, we are starting to see a significant change in … [Read more...] about Innovation in Australia’s insurance industry

Hacker attacks or faulty software could shift the burden of legal and regulatory liability toward makers of self-driving cars and away from customers, experts say, forcing regulators and insurers to develop new models.Autonomous cars have the potential to reduce the rate of traffic accidents as … [Read more...] about Autonomous cars shift insurance liability toward manufacturers

Insurance companies are readying for an influx of demand from businesses for cyber indemnity products when mandatory data-breach reporting laws are come into effect at year's end.Mandatory data-breach reporting has already been legislated in the United States and Europe.Cyber security experts … [Read more...] about AIG, Chubb and Allianz readying for flood of cyber insurance requests

A small but increasing number of Australian farmers are insuring their crops against drought, and with concern growing about a predicted El Nino and the uncertainties of climate change, many believe this could be the way of the future. When the winter rains failed to come last year, Victorian farmer … [Read more...] about Multi-peril crop insurance: Can insurance against drought help farmers prepare for climate change?

A leading US data protection lawyer has warned Australian businesses that they need to have clear action plans in place to avoid expensive embarrassment, following the introduction of mandatory data breach notification laws in Australia by the end of the year.David Navetta, the US co-chair of … [Read more...] about Litigation, PR disasters and higher insurance costs expected from new data breach laws

Australians are leading the global crusade against bad driving with the help of Roadshamer.com, a website that allows users to upload video and photos of illegal and bad road behaviour.Over 80 uploads from Australia have been received by Roadshamer over the past week- more than any other country, … [Read more...] about Driverless technology set to reduce bad driving and high car insurance premiums

Drones have changed the way we see the world. And with their increased accessibility and affordability, they are capable of changing the way in which insurance assesses risk, processes claims, optimises manpower and reduces fraud.Although drones, or unmanned aircraft, have been used for military … [Read more...] about Drones: four ways insurance might benefit