Pricing Car Insurance Based on Occupations
Posted on Nov 21, 2016 in Insurance Regulation | Comments Off on Pricing Car Insurance Based on Occupations
The New York Department of Financial Services (DFS) has recently requested information from some insurers about how they relate a customer’s education and occupation to driving, risk, and auto insurance pricing. Actuaries may use information about occupations to price data, and people with jobs that are associated with higher risk may pay more for their insurance. The DFS is...
Autonomous Vehicles on the Road in Michigan
Posted on Nov 16, 2016 in Industry News | Comments Off on Autonomous Vehicles on the Road in Michigan
The Michigan legislature recently passed a series of laws that would allow companies to test autonomous vehicles on the roads in Michigan. The legislation now awaits the governor’s signature. As previously noted, the new laws would allow the public to buy and use fully driverless cars when they become available. One of the laws allows a vehicle to be operated without a human driver and...
Insurance Coverage for Self-Driving Cars in Japan
Posted on Nov 16, 2016 in Insurance Developments and Trends, Technology Impacting Auto Insurance | Comments Off on Insurance Coverage for Self-Driving Cars in Japan
A Japanese insurance company will begin offering coverage for accidents involving self-driving vehicles next year. Tokio Marine & Nichido Fire Insurance will provide coverage for vehicles that have automated systems controlling acceleration, steering, or braking, as well as for vehicles that are autonomous enough to require driver input only in emergencies. (The coverage will not...
Facebook and Car Insurance
Posted on Nov 3, 2016 in Insurance Developments and Trends, Technology Impacting Auto Insurance | Comments Off on Facebook and Car Insurance
A car insurer that planned to use Facebook data to set car insurance premiums has had to change its plans after Facebook clarified that such use would violate its privacy guidelines. Admiral Insurance had planned to offer a “first car quote” app to young motorists in the UK. It would analyze Facebook “likes” and posts to determine the driver’s level of risk. The insurer could then...
