Insurance Industry Starts to Assess Brexit Effects
Lloyd's of London is
considering how to safeguard its access to markets in Europe
in the wake of the June 23 referendum in favor of "Brexit" — or British
withdrawal from the European Union (EU). Lloyd's CEO Inga Beale said its preference
is to continue operating in a passporting system, similar to what they do today.
The system allows insurers and brokers based in one EU member country to provide
services throughout the 28-member union.
Lloyd's Chairman John Nelson said in a statement, "I am confident that Lloyd's will
stay at the center of the global specialist insurance and reinsurance sector, and I
look forward to continuing our valuable relationship with our European partners. For
the next two years, our business is unchanged," he added. "Lloyd's has a well-prepared
contingency plan in place and Lloyd's will be fully equipped to operate in the new
Observers say it will take some time to understand the complete ramifications
of the vote, especially for the
property and casualty insurance industry.
With Self-Driving Cars, Innovation Is
The National Highway Traffic Safety Administration (NHTSA) has launched
a preliminary investigation into what is believed to be the first
fatal crash involving a self-driving car.
Joshua Brown, 40, of Ohio, was riding in a Tesla Motors Inc. electric
car that was driving itself.
According to regulators and a Florida Highway Patrol report, Brown, the
putative driver of the Tesla Model S, was killed when his car drove under
a tractor trailer on a Florida highway. Tesla said the vehicle's Autopilot
system did not automatically brake because it did not detect the white side
of the tractor trailer against the brightly lit sky. Although the car
included a means by which the rider could retake control of the vehicle,
Brown was unable to respond to the tractor trailer in time to do so.
Autonomous vehicles are being promoted as leading to safer roads and
fewer accidents, but they raise
questions for insurers about liability in the event
of a crash. The incident also highlights new safety concerns as Tesla,
General Motors Co., Alphabet Inc.'s Google and other companies race to get
self-driving vehicles on roads by around 2020.
Currently, the insurance claims process for cars using the systems
generally works the same way as for cars without them, said Robert Hartwig,
president of the Insurance Information Institute (I.I.I.). In a report last
year on self-driving cars, the I.I.I. said the industry must study whether
accidents with autonomous cars lead to more product liability claims, in
which drivers blame carmakers or suppliers for accidents, rather than their
own driving behavior. Liability laws might evolve, the institute noted, to
ensure autonomous vehicle technology advances are not brought to a halt.
Regulators are expected to issue driverless-car guidelines later this summer.
Workplace Violence Symposium on August 25, 2016
This Symposium will include five hours of Insurance, SHRM, HRCI, and 4 hours
of CFMA CE credits are available to attendees. Experts from the FBI, U.S.
Department of Homeland Security, OSHA, East Baton Rouge Sheriff's Office,
AIG partner Abernathy MacGregor, Thompson Booth, and BXSI will be presenting.
Thursday, August 25, 2016
9:00 a.m. - 4:00 p.m.
7000 Bluebonnet Blvd.
Baton Rouge, LA 70810
Early Bird Special
Client Rate: $49
Non-Client Rate: $149
Offer ends July 22
After July 22:
Client Rate: $79
Non-Client Rate: $179
For more information, click