PCIT PLUSNews and Updates in the Property & Casualty Insurance Industry – A KMG Initiative

Could-Hacking-Be-a-Thumbs-Down-For-Autonomous-Cars

Could Hacking Be a major concern For Autonomous Cars?

  As per Google, the Autonomous cars could be on the roads by 2019 and the public in general will be open to accept it faster than expected.  Although, the prospects of a self-driving car seem bright, the only issue is the probability of hacking. The Insurance Information Institute has predicted that 25 per cent of all cars sold will be autonomous, and therefore at higher risk of hacking.

Telematics-changing-the-way-Millennials-buy-Car-Insurance

Telematics changing the way Millennials buy Car Insurance

  The National Association of Insurance Commissioners (NAIC) predicts that 20 percent of all US auto insurance companies will incorporate some form of pay-as-you-drive (PAYD) program within the next five years. With the advent of technology, mobile and use of other handheld devices has increased, so has the inclination towards technological advances in insurance.

Cybercrime-analog

IN THE AGE OF CYBERCRIME, THE BEST INSURANCE MAY BE ANALOG – Bloomberg

Old fashioned mechanical systems, plus humans, may help avert catastrophic cybercrime and data breaches. Right before Christmas, two power companies in Ukraine were simultaneously targeted in what’s now regarded as the world’s first successful cyber-attack on public utility.

Organizations-Concerned-About-Consequences-of-a-Large-Public-Data-Breach

80 % Organizations Concerned About Consequences of a Large Public Data Breach

  In a report by ID experts on how to manage data breach, it was noted that more than 80 % of organizations are concerned about a large data breach.

increasing-cuyber-risk

Increasing Cyber Risk A Growth Opportunity For P&C Insurers

  With the Internet of things and the increase in cyber-attacks, insurance will go through a paradigm shift. The year 2016 will see many more changes in this sector including the addition of focused digital technologies like data analytics, social media, telematics, autonomous cars and these and more will continue to transform the insurance landscape.

Rise-of-drones

Rise of the Drones – Risk and Insurance

Insuring unmanned aircraft systems or drones is going to be complicated. An unmanned aircraft flies over a raging forest fire, alerting firefighters to where the blaze is most dangerous; another hovers over a construction site conducting a building inspection; and a third sweeps through a neighborhood taking photographs that showcase the exterior and interior of a home listed for sale.