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Insurance Business | 27 Jul 2017, 05:44 PM Agree 0
Insurtech is set to transform the sector – but will the industry even be necessary soon?
  • Robert Cooper | 28 Jul 2017, 11:26 AM Agree 0
    Insurance will always be needed. Noone has done enough to eliminate Moral or Physical Hazards from the world. As for Driverless cars etc, some of us will still drive so there will always be risk. PWC have discredited themselves with this article.
  • BK.Sharma | 07 Aug 2017, 12:08 PM Agree 0
    Robert, it's tip of the ice berg what the report has explained in a common English. In fact the IoT and AI is vastly going to make it possible in a way that before a failure ; the system alerts. Loss minimisation tools which will get administered into the chain of probable event shall make the insurance risk cover insignificant.
    If as a Insurance Broker I can see the threat onto my profession- Insurers and re-insurers are ahead to feel it for certain.
  • I'm not a robot | 07 Aug 2017, 12:11 PM Agree 0
    Does this mean lawyers become obsolete too?
    How about crime...is that disappearing as well?
    What a ridiculous article!
    • BK | 07 Aug 2017, 12:29 PM Agree 0
      Lawyers-yes to some extent
      Crime- No but accidents will appear less often
  • Robert Cooper | 07 Aug 2017, 01:07 PM Agree 0
    Probable events are not necessarily insurable events because of its degree of fortuity. All of us, Brokers and Insurers seek to minimise or deal with any probable risks by excluding or limiting cover.

    A risk is insurable when it is totally fortuitous. A Risk is limited by its degree of probability. Is it possible or probably that when you take a drive in your car today, you will have an accident? If it is highly probable, then you will not take the risk and stay at home. Instead it is possible you may have an accident, but as you have not had one for ten years, it is highly improbable. So you insure for that possiblity. It will be the same with Driverless cars, there is still a possibility of an accident.
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