Issue #40 | 22 March 2024
Stay in the know on the stories shaping the future of insurance, with the weekly lowdown brought to you by Genasys.
This week in The Lowdown: UK government aims for flying taxis by 2026; UK businesses unprepared for AI cyber threats; new policy aimed at carbon delivery launched; and income protection insurance sales reach a record high.?
Government aims for flying taxis by 2026?
If a government announcement goes according to plan, the first flying taxi could take flight by 2026, with a vision for them to become a common sight by 2028, BBC reports.
While hurdles such as infrastructure development and public acceptance still need to be addressed, the impact on insurance of this ambitious plan will also need to be considered. As flying taxis and drones become more prevalent, insurance policies and regulations will need to adapt to accommodate this emerging mode of transportation. Ensuring safety and mitigating risks will become vital as these technologies increasingly integrate with urban landscapes.
UK unprepared for AI cyber threats?
A recent study conducted by Goldsmiths University in collaboration with Microsoft reveals a lack of readiness among UK businesses to combat potential AI-driven cyber security threats, IT Pro reports.
The research, based on surveys of over 1,000 senior leaders from both private and public sector organisations, shows that only 13% of UK businesses are deemed ‘resilient’ to cybercrime, with those employing AI-enhanced defences demonstrating twice the resilience against attacks and reducing associated costs by 20%.
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Carbon delivery insurance policy launched
Specialist insurer CFC has introduced Carbon Delivery Insurance, an industry first product designed to safeguard businesses against both physical and political risks that may disrupt the delivery of voluntary carbon credits, Insurance Business reports.
With coverage guaranteed for the full value of the buyer’s investment in case of non-delivery of carbon credits, the policy offers a significant layer of financial security. CFC’s initiative responds to concerns within the voluntary carbon market, where a recent survey revealed substantial apprehension among buyers regarding delivery shortfall, with 65% already experiencing losses due to non-delivery.
Income protection insurance sales reach record high
A record number of people have taken out income insurance to safeguard their finances against potential accidents or illnesses hindering their ability to work, the Association of British Insurers (ABI) reports.
The most recent data released by the ABI shows that individual sales of income protection reached a record high in 2023, with standalone critical illness sales nearly four times higher than a decade ago. A decline in sales of mortgage-related term assurance was also recorded, corresponding with slowed activity in the UK housing market.
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