Insurers to work with tech firms on risks from drones,
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[October 12, 2017]
LONDON (Reuters) - The World
Economic Forum is bringing insurers, tech firms and governments together
to find ways to tackle risks from new technology such as drones and
driverless cars, it said on Thursday.
Tech firms have moved fast to develop new products, but assigning
liability - who is responsible for any accidents or losses - is not
always clear, the WEF said in a report.
Losses from technology-related crime can also be huge. A cyber attack on
the U.S. Northeast electrical grid, for example, could cause economic
losses as high as $222 billion, according to research carried out for
the specialist Lloyd's of London insurance market.
"New risks are emerging, and existing risks are becoming more complex,"
the WEF report, written with consultants Oliver Wyman, said.
"The insurance industry will struggle to use its old playbook to address
these emerging risks."
Industry and government officials will look to share data and develop
industry standards to make it easier to spot and tackle new risks, and
also seek to work out where liabilities lie, the WEF said in a
The initiative will develop at its flagship annual meeting in Davos,
Switzerland, in Jan 2018, it said.
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An aerosol drone flies during a training at LTFY drone training
school on the outskirts of Beijing, China August 2, 2017.
"Things are moving very, very rapidly", Inga Beale, chief executive of Lloyd's,
one of the industry participants, said.
"The only way we think the whole world can get to grips with what's happening
out there is if we all work together."
Industry participants also include insurers Allianz and Swiss Re and tech firms
Cisco and Hitachi, along with senior officials from governments including the
European Commission, India, Japan, United Kingdom and United States.
The WEF holds regional events around the world and publishes research on the
(Reporting by Carolyn Cohn. Editing by Jane Merriman)
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