First reported in September 2017, consumer credit reporting agency Equifax was hit with a data breach that affected millions of consumers. read more
IoT refers to devices that are linked to the internet, and also have the capability to analyze, gather and store data. Smartphones, apps with GPS capabilities, and new home security systems fall under this category and have great implications for the always changing insurance industry.
The internet of things stands to benefit insurers and their consumers alike.
When laws change, the insurance industry changes. The Canadian government’s plan to legalize marijuana in October of 2018 will alter the landscape of both commercial and home & auto insurance in dynamic fashion. While the ink is not yet dry on legalizing cannabis, here are some of the ways it will affect the insurance industry once it becomes a reality.
As driverless cars become a reality, the auto insurance industry will need to change drastically to stay afloat. At the present time, auto insurance accounts for 42% of all property and casualty insurance. This is a $200 billion market in the United States alone, but it has already begun to shrink.