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THE devastating April storms saw more than 50,000 claims lodged with NRMA Insurance — more than would typically be seen in a whole year — new data reveals.More than three quarters or 76 per cent of all home insurance claims last financial year were for storm damage, largely attributed to the … [Read more...] about SES warns residents to prepare homes ahead of storm season after insurance claims rose 30 per cent

While some might find the recent announcement that Google (along with Volvo and Mercedes-Benz ) will accept responsibility for any accidents resulting from a flaw in the design or components of their self-driving cars to be sheer showmanship at this stage in their development, at least one observer … [Read more...] about Could Google Be Auto-Piloting Itself Into The Insurance Business?

Cybercrime is costing the global economy nearly half a trillion dollars a year, according to the insurer Allianz. It's a major threat to businesses, which are looking for ways to protect themselves. One option is cybercrime insurance.Mark Patterson found out the hard way that firewalls and … [Read more...] about As Cybercrime Proliferates, So Does Demand For Insurance Against It

But the head of Volvo warns that without broad federal guidelines, the U.S. is at risk of losing its leadership position in the development of self-driving cars.Two questions loom over automakers and tech companies as they push forward with the development and testing of self-driving cars: “Who is … [Read more...] about Volvo CEO: We will accept all liability when our cars are in autonomous mode

It is shaping up to be one of the most expensive product recalls in history but insurance experts say Volkswagen is unlikely to be covered.Volkswagen has conceded to installing a device into diesel-engine cars that hides true emission levels during testing. The manufacturer says the device was … [Read more...] about Product recall uncertainty for VW

ACE Group has announced that they will become the underwriter of a major Australian product line.The international giant has revealed that it will back Calliden’s residential products across the country from November 1.The deal will see ACE take on the Calliden Home portfolio, which will … [Read more...] about Global player ACE announced as new underwriter

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