Articles about insurance

Insurers may have to adjust policies to reflect 'silent' cyber risks

Insurers whose policies could give rise to claims for damage as a result of cyber attacks may have to adjust their policies or premiums to better reflect these risks, UK financial services regulatory bod Prudential Regulation Authority (PRA) has warned. Firms should also carry out regular ‘stress tests’ to ensure that they are …
OUT-LAW.COM, 11 Jul 2017
Robot drives a car. Conceptual illustration from Shutterstock

New UK laws address driverless cars insurance and liability

Insurers would be primarily responsible for paying out damages stemming from accidents caused by "automated vehicles" under new UK legislation laid before the UK parliament. The Vehicle Technology and Aviation Bill sets out how the liability for accidents involving automated vehicles should be apportioned, and factors in …
OUT-LAW.COM, 24 Feb 2017
Standup comedian faces the crowd. Photo by shutterstock

What do you call a firm that leaves customer financials unencrypted on a hard drive? RSA

A UK insurance business has been fined £150,000 for its lax security practices after a hard drive containing customers' unencrypted information was stolen. The hard drive disappeared from the offices of Royal & Sun Alliance insurance (ironically it prefers the abbreviation RSA) back in 2015. It contained 59,592 customers' …

Sad reality: It's cheaper to get hacked than build strong IT defenses

Whenever mega-hacks like the Yahoo! fiasco hit the news, inevitably the question gets asked as to why the IT security systems weren't good enough. The answer could be that it's not in a company's financial interest to be secure. A study by the RAND Corporation, published in the Journal of Cybersecurity, looked at the frequency …
Iain Thomson, 23 Sep 2016
Frustrated accountant puts head in hands. Photo by Shutterstock

Financial Conduct Authority: No need to look any closer at insurers’ use of Big Data

The Financial Conduct Authority has said there’s no need to launch a full market study into insurers’ use of big data, despite concerns that insurers' could be using to charge consumers more. Following a call for inputs last year on the use of data and analytics in home and motor insurance, which returned 27 written responses …
Frustrated accountant puts head in hands. Photo by Shutterstock

Insure against a cyberwhat now? How the heck do we crunch those numbers?

The head of a UK industry insurance organisation has called for the government to create a database where companies would be obliged to “record details of cyber attacks”. Insurers are struggling to assess premiums for newly introduced cyber insurance policies in the absence of background info, according to the head of the …
John Leyden, 24 May 2016

Oracle: Oregon's attorney general leaked our confidential memos in health portal row

Oracle claims Oregon's attorney general leaked confidential court-protected company documents amid a bitter battle over a disastrous healthcare insurance portal. Way back in 2012, the California tech giant was tasked with building the healthcare exchange website Cover Oregon, a $300m marketplace that was never completed, …
Shaun Nichols, 24 Feb 2016
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How cyber insurance actually works

A couple of weeks ago El Reg carried an article by Mark Pesce about the likely evolution of Cyber Insurance. Reg reader and insurance industry veteran Tom Whipp agreed with most of his sentiments, but wasn’t so keen on his conclusions and demanded his stint on the Reg soapbox. So, take it away Tom. I’ve worked in security and …
Tom Whipp, 23 Nov 2015
Google car

Insurance companies must start buying security companies

The Insurance industry encompasses a very odd paradox: it wouldn’t exist without risk, yet does everything in its power to remove any risks for its policy-holders. Insurers only make money if they don’t pay out, and they won’t pay out if they can keep you from doing any of the things they’ve identified as risky. We’re already …
Mark Pesce, 29 Oct 2015
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Apple's big secret: It's an insurance firm (now with added finance)

Analysis Remember "Peak Apple"? It looked vaguely plausible a couple of years ago. For years, the media had stoked consumer expectations of Apple continuing to launch blockbuster, category-defining, market-making new products at regular intervals. Jobs’ biographer had disclosed that his "secret legacy" was “four years of new products …
Andrew Orlowski, 10 Sep 2015
Google car

Google creeps up on another sector: Adds car insurance to Compare

Google has added car insurance to its "Google Compare" suite of products, which are "designed to help people make confident, more informed financial decisions." Insurance providers have been told by the Chocolate Factory that "people searching for car insurance on their phone or computer can find you along with an apples-to- …
Car-2-Car

We're not Mr Brightside: Asda Car Insurance broker hacked

No customer data was exposed after the firm behind Asda Car Insurance was hacked, said the broker as it explained why the ACI website went offline earlier this week. Reg reader and Asda Car Insurance customer Arthur forwarded us a notice he received from Brightside Group, who provide white label insurance products for Asda and …
John Leyden, 3 Oct 2014

The Internet of Things helps insurance firms reward, punish

Solid The more the Internet of Things knows about you, the more that insurance companies are able to slurp that data and incentivize you to walk the straight and narrow. "You know the way that advertising turned out to be the native business model for the internet? I think that insurance is going to be the native business model for …
Rik Myslewski, 23 May 2014

Who OWNS data generated by 'connected cars' sensor slurpers?

The fundamental question of whether the data generated by "connected cars" can legally be owned and who actually acquires ownership in such data at the time when they are generated must be answered before the extent to which companies can make use of that data can be determined, an expert has said. Munich-based technology law …
OUT-LAW.COM, 17 Feb 2014

Dying HealthCare.gov bagged JUST SIX registrations on first day

The much-maligned US HealthCare.gov medical-insurance portal managed to process just six registrations on its first day of availability. A series of notes [PDF] from the Center for Consumer Information and Insurance Oversight (CCIIO) suggest that as problems plagued the healthcare registration site in its opening hours, only a …
Shaun Nichols, 1 Nov 2013
The Register breaking news

Oi, butterfingers! Drop your mobe in a pint? Hope it's not an iPhone

Vids A submerged Galaxy S4 will outlast an iPhone by half a second - 18.8s versus 18.3s - but when dropped from nine feet (2.74m) it's the S4's screen that shatters. This pointless destruction of consumer electronics comes courtesy of some insurance bods, who wanted to demonstrate something about water and electronics, and how …
Bill Ray, 28 May 2013
The Register breaking news

Half of youngsters would swap PRIVACY for... cheaper insurance

More than half of UK youngsters think being tracked is a small price to pay for cheaper car insurance, and 26 per cent will be actively seeking a pay-by-the-mile policy in the hope  of saving a few quid. The numbers come from by YouGov and O2, who asked 2,000 drivers how they felt about being spied on every day - only to …
Bill Ray, 17 May 2013
Shiri

Publicity Stunt of the Week: Ten bizarre phone insurance claims

Here, apparently, are the UK’s ten oddest insurance claims made regarding mobile phones. We offer them without comment on their veracity, though the mobile phone insurance go-between that sent them to us in the hope of some free publicity* insists the claims “were investigated fully”, presumably by the insurer it represents. …

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