Global Insurance Market and Change

Edited by Anthony A tarr; Julie-Anne Tarr; Maurice Thompson and Dino Wilkinson

Document

Page 499

Index

Note: Page numbers in italics indicate figures, bold indicate tables in the text, and references following “n” refer footnotes.
AAWA see Advanced Autonomous Waterborne Applications
ABI see Association of British Insurers
ACCC see Australian Competition and Consumer Commission
Accenture 11, 12
Access to Insurance Initiative (A2ii) 440
Accident Compensation Act 2001 238
Accord Project 124
accountability of entities 94
accountants and auditors 366–7
account information service providers (AISPs) 256
ACCR see Australasian Centre for Corporate Responsibility
activity-based pricing, Cover Genius 77–8
adaptation cases 452–3
ADAS 173–4
administrative/planning cases 453–5
Advanced Autonomous Waterborne Applications (AAWA) 11
advanced text analytics, fraud detection 33
advertising, embedded insurance 89–90
African Risk Capacity (ARC) Group 132–3, 145–6, 441
after the event (ATE) 399; COVID-19
AGCS see Allianz Global Corporate & Specialty
aggregate loss index insurance 142–3
Agostinho v Portugal 452–3
AI see artificial intelligence
air risk/first party 228
air risk/third party 228
algorithmic discrimination, fintech 279–80
All-England Lawn Tennis and Croquet Club Ltd (AELTC) 375–6
Allianz Global Corporate & Specialty (AGCS) 4, 15, 492
Allianz SE 420, 421, 423, 431
Aloha Petroleum Ltd. 465
American Bureau of Shipping (ABS) 205–7
American Institute of Certified Public Accountants (AICPA) 309
Anns v Merton London Borough Council 203–4
anomaly detection, fraud detection 32
anti-money laundering (AML) 121, 258
Ant Insurance 483
anti-trust considerations 85–6
anti-virus/anti-malware (and end-point monitoring) 300–1
Apple 11
applicable law 118
application/asset tiering system 300
application programming interfaces (APIs) 42, 61, 78n53, 255, 269
appropriate licensing, embedded insurance 80–1
APRA see Australian Prudential Regulation Authority
Arctic Circle 415
Arner, D. W. 116
Arnold v Britton 386
artificial intelligence (AI) 2–3, 24–6;
analytics and data protection/privacy 34;
balancing advantages and addressing risks 33–4;
big data and 6, 26–7;
embedded insurance 86–7;
insurers 30–1;
personhood 3, 481;
powered analytics 38–41;
powered analytics of big data 41–3
ASIC see Australian Securities and Investment Commission
asset registers 300
assets under management (AUM) 431, 431–2
assisted driving 165
Association of British Insurers (ABI) 394, 394n101, 420
augmented and virtual reality technologies 481
AUM see assets under management
Australasian Centre for Corporate Responsibility (ACCR) 463
Australia: anti-money laundering and counter-terrorism financing (AML/CTF) 273;
bushfires due to drone crashes in 220;
business interruption insurance 389–92;
Consumer Data Right (CDR) 269–70;
crowdfunding 273;
cryptocurrency exchanges 273;
enhanced regulatory sandbox (ERS) 274;
financial technology (fintech) in 268–74;
Innovation Hub 274;
liability, risk and insurance for AVs 171–3;
mandatory comprehensive credit reporting 273;
misconduct regulations 364n183;
Select Senate Committee 272–3
Australian Competition and Consumer Commission (ACCC) 311, 429
Australian Cyber Security Centre (ACSC) 292
Australian Environment Protection and Biodiversity Conservation Act 454
Australian Government's Australian Signals Directorate (ASD) 308
Australian Privacy Principles (APPs) 40
Australian Prudential Regulation Authority (APRA) 429, 483
Australian Reinsurance Pool Corporation (ARPC) 402
Australian Securities and Investments Commission (ASIC) 85, 274, 311, 429;
Regulations 83n69
Australian Senate Inquiry Committee 231, 244
Australian Traffic Safety Bureau (ATSB) 228
Australian Transaction Reports and Analysis Centre (AUSTRAC) 273
Authorised Self-Driving Entity (ASDE) 165–6, 171–2
authorising self-driving 165
Automated and Electric Vehicles Act 2018 (UK) 162, 163, 181, 192, 192n41, 244;
Automated & Electric Vehicles Act 2018 (AEVA) 165
automated decision-making 31–2, 279–80
automated driving 165
automated driving system (ADS) 171, 173
Automated & Electric Vehicles Act 2018 (AEVA) 165
automated lane-keeping systems (ALKS) 159
Automated Vehicle Safety Law (AVSL) 171
automatic identification system (AIS) 208
Autonomous Driving Act 2021 (Germany) 168–70, 181
autonomous ships 182–211;
choice of law for product liability 188–91;
classification societies 200–8;
liability insurance for ships and shipowners 186–7;
limitation of liability and networking of its effects 191–9;
maritime cyber risks 208–11
autonomous transportation 10–13
autonomous vehicles (AVs) 4, 157–81;
insurance industry dynamics 178–80;
liability, risk and insurance 162–75;
non-autonomous vs. 176;
product liability 175–8;
regulation 159–62
Autorité de Contrôle Prudentiel et de Résolution (ACPR) 475
availability, SOC2 309
Aviva plc 376, 420, 421, 423, 431, 437
AVs see autonomous vehicles
AXA Group 423, 431
AXA XL 438
Baker, T. 388n74
Bank for International Settlements (BIS) 473
Bank of England (BoE) 416, 425–7, 468, 473, 476
Bank of France 475
Barger, B. 489
Barker, S. 472, 476
Barton, G. 86
basis risk 131–4, 155
Baxter, D. 59
BCP framework (business continuity plan) 305
bespoke drone insurance 225–7;
conditions 227;
covers and extensions 227;
first-party insurance 225–6;
general exclusions 227;
third-party liability 226–7
bias, embedded insurance 86–7
big data 26, 48, 484–5, 487, 492;
AI analytics and data protection/privacy 34;
AI-powered analytics and 38–43;
AI used by insurers 26–7;
analytics 30;
artificial intelligence (AI) and 6;
defined 23, 78n52;
insurers 30–1
Big Tech 256, 311
BII see business interruption insurance
Binance 276, 277
biodiversity 411, 443–4, 495
BIS see Bank for International Settlements
Bitcoin 96n1, 97–101, 262–4, 280, 482
Black Swan Re 402–4
Blockchain 8–9, 96n1, 99, 481, 487–9;
technology 99 distributed ledger technology
Blue Origin 489
board engagement 313–14
BoE see Bank of England
Boucher v Lawson 192, 192n42, 193
Brady, M. 240
Brand, S. 481
Braun, M. 282
breach of contract 278–9
Bribery Act 2010 258
Brushfield v Arachas 391
Buckley, R. P. 116
Building Information Modeling (BIM) 358
business interruption insurance (BII) 5, 18, 19, 377–407;
Australia 389–92;
common law jurisdictions 389–92;
coverage 378–80;
duration and indemnity 380–1;
exclusions 381;
financial technology (fintech) 281;
future pandemics and catastrophes 392–407;
impact of COVID-19 382–3;
Lloyd's proposals 402–4;
private pandemic risk insurance 395–402;
purpose 377–8;
United Kingdom 383–7;
United States 387–9;
US Pandemic Risk Insurance Act 405–6
Business Interruption Insurance Coverage Act of 2020 405
business interruption losses 325
Business Interruption Relief Act of 2020 405
buy-now-pay-later (BNPL) 271–2
BYOD (bring your own device) 302
Caisse Centrale de Réassurance 438
Cambridge Centre for Alternative Finance (CCAF) 250
Cambridge Programme for Sustainability Leadership (CISL) 420
Caparo Industries Plc v Dickman 204
Capital One Finance Corp. 320
captives 367, 368
carbon capture and storage (CCS) 20, 411, 418, 437
carbon dioxide (CO2) 410–11, 431, 456, 456n61, 494
Carbon Disclosure Project (CDP) 470
Caribbean Catastrophe Risk Insurance Facility (CCRIF) 144–6
Carney, M. 416, 416n43, 418n53, 426, 433, 433n161, 434n164–5
Carpenter, G. 219
Carter v Boehm 2, 72
case studies: commercial insurance 227–9;
Cover Genius 73–8;
Moonrock Drone Insurance 227–9;
Nat Cat protection gap 146–7;
parametric products 141–2;
solar development in a remote area of Texas 139;
wind-at-location 147–8
catastrophe bonds 106–7
catastrophe swap 106–7
CBES see Climate Biennial Exploratory Scenario
CCS see carbon capture and storage
CCWG see Climate Change Working Group
CDSB see Climate Disclosure Standards Board
Center for Insurance Policy and Research 2
central bank digital currency (CBDC) 260
Centre for Connected and Autonomous Vehicles 11
Centre for Policy Development (CPD) 460
Certain Policyholders -and- China Taiping Insurance (UK) Co Ltd 386
CGL policy 406, 465, 468
Chamberlain, T. 7, 49
Chancery Lane Project 437
change management 299, 304
Chartered Institute of Loss Adjusters (CILA), UK 380n33
Charter of Fundamental Rights (Charter), Europe 38–9
Chen, B. X. 36
Chevron 464
Children's Investment Fund Foundation (CIFF) 467
China 69, 150, 236n71, 297, 413, 414, 418, 483
commercial
Christensen, D. 174, 175n208
Civil Aviation Authority (CAA) 237
Civil Aviation Ordinance 236
Civil Aviation Safety Authority (CASA) 237
civil liability 167
“Claims made sections of cover” 317
classification societies 200–8
Clean Air Act 454
clean energy 412, 455, 463
ClientEarth 345, 459, 461, 462, 463, 467, 469–70
Climate Action Tracker 414, 418n57
Climate Biennial Exploratory Scenario (CBES) 426, 468, 473–6
climate change 19–21, 494–6;
damages-based claims for contribution to 456–7;
effects of 5;
exclusion 469;
financed emissions 434;
and financial markets 415–19;
global regulatory response to 423–5;
and Global Shield 441–2;
history of insurance industry leadership and 419–23;
and human rights 452–3;
insurance-associated emissions 435;
insurance impacts 416–17;
international response to 412–15;
liability risks 446–77;
national regulatory developments 425–9;
national risk pools for natural catastrophe risk 438–9;
new partnerships for disaster resilience 439–40;
opportunities for the insurance sector 435–8;
physical risk 416–17;
post-COVID progress on financial regulation 429–30;
potential impacts on insurers 468–77;
problem of 410–12;
risks 420, 423, 424, 428, 438–9, 441, 449, 460, 468, 475, 477;
transition risk 417–19;
voluntary commitments to net zero 430–4
Climate Change 2022: Impacts, Adaptation and Vulnerability 415, 449
Climate Change Working Group (CCWG) 419, 421n78
Climate Disclosure Standards Board (CDSB) 430
climate litigation: defined 447, 447n6;
drivers of 466, 466–8;
funding for 467;
history of 448;
risks 471, 476, 495;
types of 449–66
climate-ready insurance 436
Climate Risk Adaptation and Insurance in the Caribbean Project (CRAIC) 441
climate risks 420, 423, 424, 428, 438–9, 449, 460, 468, 475, 477;
management 418, 423, 425–6, 447, 471, 477, 495, 496
ClimateWise 420, 435n171
cloud computing 2; edge computing
CO2 see carbon dioxide
CO2ZERO 462–3
Coalition 293
COBIT (Control Objectives for Information and Related Technologies) 307
Coinbase 252, 265, 281
cold wallets 263
collision data 166–7
Comite Maritime International (CMI) 204
Commercial, M. 284
commercial general liability policy see CGL policy
commercial motor fleet insurance 54–5
commercial property insurance 9
common law jurisdictions 389–92
Commonwealth Climate and Law Initiative (CCLI) 460
communications/call centre 324
communication strategy 314
Companies Act 2006 (CA 2006) 460–1
compensation for services, embedded insurance and 81–2
Competition and Consumer Act 2010 86
competition law 433–4
complexity and emerging risks 357–8
composite policies 317
Compulsory Third Party (CTP) 240
compulsory third-party liability insurance 233–42;
general 233–40;
implementation options 240–2
Conference of the Parties (COP) 412–13, 423
confidentiality, SOC2 309
connected, cooperative, and automated mobility (CCAM) 181
Connected and Automated Vehicles (CAVs) 158
Conservation Law Foundation (CLF) 458
consumer concerns 152–3
Consumer Data Right (CDR), Australia 269–70
consumer insurance, disclosure questions 33
Consumer Insurance (Disclosure and Representations) Act 2012 484
Consumer Protection Act 1987 (CPA) 167
contingency planning 130
contract law 108, 115
COP27 441
Copenhagen Accord 448
COPs see Conference of the Parties
Corbin & King Ltd v AXA 386
Cornell, N. 108, 115
corporate budgets 129
corporate espionage 297
Corporate Sector Purchase Programme (CSPP) 469–70
Corporate Sustainability Reporting Directive (CSRD) 444, 492
coverage gap 5, 404
coverage in BII 378–80
Cover Genius 8, 73–8;
activity-based pricing 77–8;
background 73–4;
during COVID-19 75–6;
distribution model 75;
Luxury Escapes 74–5;
purchase experience 75;
tech-led approach to insurance 77;
tiered pricing extracts 77
Coverpay 271
covers and extensions 227
COVID-19 18–19, 69–70, 216, 249–50, 270, 361, 393;
AI-powered predictive analytics on 483;
business interruption insurance 382–3;
Cover Genius during 75–6;
exposing insurance coverage gap 5;
and insurance 493–4;
legislative changes during and after 353–4;
losses due to 392;
occurrence 385;
post-COVID progress on financial regulation 429–30
CRAIC see Climate Risk Adaptation and Insurance in the Caribbean Project
credit monitoring and ID protection 324
Crenshaw, C. 117
Criminal Code Act 1995 (Cth) 322n72
criminal liability 167–8
crop policy 135
crowdfunding, Australia 273
CrowdJustice 467
Cruise 178
cryptoassets 262–8;
custodians 264;
encryption of 263;
insurance cover 265–6;
losses and risk 264–5;
non-fungible tokens (NFTs) 267–8;
regulation 266–7;
types of 262–3
cryptocurrencies 262, 481–2;
exchanges 264, 273
crypto-custody risks 264
Crypto Winter 262
Cullaffroz-Jover, S. 116
current insurance claims trends 319–20
Cuvva 496
cyber attacks 34;
financial technology (fintech) 280–1
Cyber Essentials Readiness toolkit 299
cyber incident 15, 16, 34, 87, 290–1, 316, 318, 353
cyber insurance 15–16;
high-level overview of 315–16;
market 285;
pay 323–5
cyber insurers 293n14
cyber liability cover 316–17
cyber maturity 306
cyber regulatory landscape 310–12
cyber resilience 298–9
Cyber Resilience Act 303
cyber risk and insurance 15–16, 286–332, 353, 492–3;
anti-virus/anti-malware (and end-point monitoring) 300–1;
application/asset tiering system 300;
asset registers 300;
Australian Signals Directorate (ASD) 308;
board engagement 313–14;
challenges and emerging trends 330–1;
change management 304;
communication strategy 314;
current insurance claims trends 319–20;
cyber insurance pay 323–5;
cyber maturity 306;
cyber regulatory landscape 310–12;
cyber risk management 310;
cyber security incident/claims landscape 294–6;
cyber security risk management 297–306;
delayed investigations and notifications 315;
distributed ledger technology (DLT) 112–14;
embedded insurance 87–8;
encryption and backup 303–4;
ESSENTIAL 8/TOP 35 308;
establishing cyber resilience 298–9;
frameworks 306–10;
future of 328–31;
goals of cyber security 297–8;
high-level overview of cyber insurance 315–16;
incident response planning 304–5;
incident response resilience 310–15;
insurance clauses and operation 316–17;
ISO27001/27002 308–9;
landscape and statistics 292–7;
late notification to insurers 313;
maritime 185, 208–11;
MITRE ATT&CK 310;
overview 289–92;
patch management 299–300;
payment of 325–6;
perimeter defence 301–2;
in practice 292–3;
proactive incident response 315;
quantitative versus qualitative risk 305–6;
ransom payments 320–3;
responses from industry and regulators 327–8;
risk assessment, UAVs 222–4;
risk to individuals and businesses from 296–7;
secure mobile devices 302–3;
SOC audit (formally SAS70) 309;
supply chain risk management 314–15;
training and awareness 305;
United States Institute of Standards and Technology (NIST) 306–7;
uptake and availability of 328–30
cyber security 480;
data protection and 12;
data protection/privacy and 34–6;
goals of 297–8;
incident/claims 294–6;
risk management 297–306;
risks 35
Dale, K. 164
Daniel Billy and others v Australia 453
dark web monitoring/threat intelligence 324
data capture and analytics 134
data mining in fraud detection 33
Data Protection Directive 39
data protection/privacy 34;
cyber security and 12, 34–6;
embedded insurance 87–8;
origins of 37–8;
principles 38–41;
regulation 41–3;
risk assessment, UAVs 222
data recovery 324
DCGK see German Corporate Governance Code
decentralised autonomous organisations (DAOs) 112–13, 119, 119n78
decentralised finance (DeFi) 117, 270
Declaration on Climate Change 420; climate change
degrees of autonomy 183
delegated supervision 93–4
Dellios, J. 472, 476
Deloitte 69
Denial-of-Service (DoS) 34
derivatives 151
Descartes 74, 129, 129n6, 136n28, 139n33, 141–2, 141n38, 146n63, 147n66, 153
design, drafting and marketing, PI 156
Det Norske Veritas (DNV) 209
digital age: insurance in 479–84;
technology in 479–84;
transforming risk management 482–4
digital assets 481–2
Digital first 496
digital forensics costs 324
digital identity 2, 280, 489
digital-intelligence-led 93
digital native banks, Australia 272
digital technology 479
digital transformation 497
digital twinning 482
digitisation 15, 51, 56, 71, 256, 483, 496
Dilmegani, C. 482
Dime Fitness, LLC v Markel Ins Co 388
directors’ and officers’ claims 281–2
disaster recovery plans (DRP) 329
disaster resilience 439–40
disease clauses as secondary triggers 384
Disparte, D. 110–11
dispute resolution in DLT 122–3
disruptors 249
distributed ledger technology (DLT) 8–9, 57, 60, 370, 487–9;
catastrophe bonds and 106–7;
catastrophe swap and 106–7;
challenges of 111–14;
characteristics of 98;
cyber risks 112–14;
described 97–100;
dispute resolution 122–3;
emerging markets 124–5;
flight insurance 107;
future of 109;
insurance potential uses and advantages 102–6, 109–11;
ledger transparency 111–12;
legal implications and areas of development 116–22;
legal risks and issues with 114–15;
public vs. private blockchains 101–2;
smart contract 100;
standardisation 123–4;
weather risks 107–9
DLT see distributed ledger technology
Donoghue v Stevenson 204
Dorset Yacht Co v Home Office 204
Dorsey, J. 267
Driver and Vehicle Standards Agency (DVSA) 165
drones see unmanned aerial vehicles
Duarte Agostinho and Others v Portugal and 32 Other States 467
Dupras, C. 487
duration and indemnity, BII 380–1
duty of disclosure: impact of AI-driven big data analytics on 30;
insured 27–8;
reform of 28–30
Duty of Vigilance law 470
dynamic driving task (DDT) 172, 172n68
Earon, E. 242–3
Ebers, M. 170
ECHR see European Convention on Human Rights
Economic Crime and Corporate Transparency Bill 2022 262
economic headwinds 347–9
edge computing 2; cloud computing
E-discovery/data cataloguing 324
education, parametric insurance 156
Edwards, H. S. 113
Ehsani, J. P. 179
EIOPA see European Insurance and Occupational Pensions Authority
Electronic Chart Display and Information System (ECDIS) 185
electronic chart displays (ECDIS) 185
electronic health records (EHRs) 363–4
embedded fintech in Australia 269
embedded insurance 3, 8, 66–94;
advertising 89–90;
appropriate licensing 80–1;
bias and artificial intelligence 86–7;
characteristics 79–80;
data protection and cyber risks 87–8;
described 67–80;
extensive enforcement actions 90;
first generation of 68;
free choice and anti-trust considerations 85–6;
growth of 68–73;
informed decision-making 82–5;
key challenges, barriers and risks 80–90;
policy awareness 82–5;
rebating or inducements 89;
regulation of compensation for services 81–2;
risk of over-regulation and innovation 90–4;
tax considerations 88;
technology 78–80
embedded insurance partners (EIPs) 73
embedded mobile technology 63
emerging markets, DLT 124–5
encryption 98;
backup and 303–4
Energy Charter Treaty (ECT) 455
enhanced regulatory sandbox (ERS) 274
environmental, social and governance (ESG) 344–7, 421–2, 429, 443–4, 463, 470, 471, 472, 492
Enviva 464
epigenetics 485–7, 485n25
Ernst & Young 53, 60, 70, 111
Erny, M. 59
ESG see environmental, social and governance
ESSENTIAL 8/TOP 35 308
European Banking Institute Working Paper 99, 114
European Central Bank (ECB) 473
European Convention on Human Rights (ECHR) 453, 461
European Insurance and Occupational Pensions Authority (EIOPA) 5, 41, 42, 61, 476
European Parliamentary Research Service 120
European Securities and Markets Authority (ESMA) 116–17
European Telecommunications Standards Institute (ETSI) 303
European Union 144, 160, 190;
2009 motor insurance directive 241;
Agency for Cybersecurity 161;
General Data Protection Regulation (GDPR) 6, 258, 312;
Maritime Unmanned Navigation through Intelligence in Networks (MUNIN) 11;
Payment Services Directive (PSD2) 255–6;
Safety Agency 235
Everest Premier Insurance Co. v Gulf Oil Ltd. 465
exclusions, BII 381
exposure-based insurance policy 231
exposures, in fintech 275
extensive enforcement actions 90
ExxonMobil Corp. 428, 458, 464
Federal Aviation Administration (FAA) 214, 237
Federal Trade Commission 90
fiduciary duties cases 460–2
financial advisers 364–6
Financial Conduct Authority (FCA), UK 254, 257–61, 426
Financial Conduct Authority (FCA) v Arch 381, 383, 384, 386, 388–91, 397, 404, 407, 494
financial crisis 254
financial resilience 129
Financial Sector Reform (Hayne Royal Commission) Act 2020 484
Financial Services Markets Act (FSMA) 257
Financial Stability Board (FSB) 422–3, 424, 426, 429–30;
Task Force on Climate-Related Financial Disclosures (TCFD) 20
financial technology (fintech) 3, 246–85;
algorithmic discrimination 279–80;
in Australia 268–74;
automated decision-making 279–80;
breach of contract 278–9;
business interruption 281;
cyber-attack/data/crime 280–1;
directors’ and officers’ claims 281–2;
exposures 275;
future of 274–5;
insurance for 282–6;
intellectual property (IP) infringement/employment disputes 278;
investor claims 277–8;
liability and insurance 13–15;
managerial liability 281–2;
professional liability 278–9;
regulatory issues 275–6;
reputational risks 281;
technology failures 278–9;
types of companies 250–2;
in the UK 252–68
Finck, M. 40
fintech in Australia 268–74;
buy-now-pay-later (BNPL) 271–2;
current landscape 268–9;
decentralised finance 270;
digital native banks 272;
embedded 269;
middle-and-back-office solutions 271;
open banking 269–70;
payments 270–1;
regulatory environment 272–4; Australia
fintech in UK 252–68;
Big Tech 256;
current landscape 252–4;
drivers for growth in 254;
financial crisis 254;
funding 254–5;
market initiatives 258–61;
open banking 255–6;
regulation in 256–7;
risk and compliance 257–8; United Kingdom
firewalls 301–2
first-party cover 316
first-party insurance 225–6
Five-Star Safety Ratings programme 173
Fletcher, J. 194
flight insurance 107
Flock 53–7, 63, 229;
commercial motor fleet insurance 54–5;
safety and efficiency 55–6
Flock Cover 51
Flood Re 402, 438
fly and run 234
“Fly Responsibly” advertising campaign 462
FONDEN (Natural Disasters Fund) 145, 438
foreign direct investments (FDI) 455
Foss Maritime 205
framework cases: adaptation 452–3;
administrative/planning 453–5;
anti-regulatory legal challenges 455;
fiduciary duties 460–2;
government 450;
insurance coverage cases 464–6;
mitigation 450–2
fraud detection 3, 9, 32–3
fraud protection 103–6
free choice, embedded insurance 85–6
FSB see Financial Stability Board
FTX 265–6, 277
funding, fintech in UK 254–5
G20 InsuResilience Vision 439
G20 Summit 430, 432
G20 Sustainable Finance Roadmap 429, 439n138
General Data Protection Regulation (GDPR) 6, 31–2, 38–40, 45, 119–20, 221–2, 258, 366
general exclusions, UAVs 227
Generali 431–2
General Motors 178
genetic discrimination 486
genetic information 485–7
genetic testing 485–7
Geneva Association 34
Gen Z 69
German Corporate Governance Code (DCGK) 427–8
German Federal Financial Supervisory Authority (BaFin) 427
Germany: Federal Government 427–8;
liability, risk and insurance for AVs 168–70
Gershweir, M. W. 177
get cover, pay later scheme 271
GFANZ see Glasgow Financial Alliance for Net Zero
GHGs see greenhouse gases; see greenhouse gases (GHGs)
gig (or sharing economy) 7n27, 48
Gilmour, D. 467
GIMAR see Global Insurance Market Report
Ginsburg, R. B. 387
Glasgow Financial Alliance for Net Zero (GFANZ) 426, 433
Global Financial Innovation Network (GFIN) 259–60
Global FinTech Regulatory Rapid Assessment Study 250
Global Index Insurance Facility (GIIF) 144n42
Global Insurance Market Report (GIMAR) 425
Global Monitoring Exercise (GME) 425
global navigation satellite system (GNSS) 208, 209
Global Optimism 431
Global Parametric Insurance Market 129
Global Risk Modelling Alliance (GRMA) 442
Global Shield 439, 441–2
GME see Global Monitoring Exercise
GNSS spoofing 210
Goldberg, J. 49
Google 11
government framework cases 450
Green Deal plan 346, 414
green endorsement 436
green finance 424, 429
greenhouse gases (GHGs): emissions 20, 414n34, 428, 435, 435n172, 436–7, 463, 465, 494;
neutrality 428
Greenhouse Gas Protocol 435
green swan risks 423
greenwashing 345, 429, 449, 450, 462–4, 472, 474, 477, 495
Greggs PLC v Zurich Insurance PLC 386
ground risk/first party 228
growth of embedded insurance 68–73
Gründl, H. 398, 399
guaranteed asset protection (GAP) 83
The Guardian 487
Guardrisk Insurance Company Limited v Cafe Chameleon CC 391
Guterres, A. 415, 415n38
halo effect 83
Hannover Re 440
Hare, J. 204
Harrop, C. 42, 61
HDI Global Specialty SE v Wonkana No. 3 Pty Ltd 389
Hedley Byrne & Co Ltd v Heller & Partners Ltd 204
Heede, R. 456
Heede Carbon Majors 456
Hetz, W. 54
heuristic scanning 301
Hillier, R. 376
HM Revenue and Customs (HMRC) 257
home and contents cover 231–2
Hong Kong Civil Aviation Department 236
hot wallets 263
Huntington Ingalls Industries Inc. et al. v Ace American Insurance Co. et al. 389
Hurricane(s): Delta 438;
Harvey 417, 459;
Lisa 438, 438n178
Hutley, N. 460
hybrid clauses, secondary triggers 384
IACS Resolutions 205
IAIS see International Association of Insurance Supervisors
ICAO UAS Toolkit 234
iCloud 297
identity access management (IAM) 302
IDF see Insurance Development Forum
IEA see International Energy Agency; see International Energy Agency (IEA)
IIGCC see Institutional Investors Group on Climate Change
immersive reality technology 2
IMO see International Maritime Organization
Implementation Guidance 427
incident response: management 324;
planning 304–5;
resilience 310–15
indemnity-based products 134–9;
contract certainty 136–7;
efficiencies and cost savings 134–6;
hard-to-insure and emerging risks 138–9;
moral hazard and fraud 137–8;
solar development in a remote area of Texas 139
indemnity insurance see professional indemnity (PI) insurance
indemnity principle 150–2
inducements, embedded insurance 89
industrialised machine learning 2
Industrial Revolution 410, 479
Inflation Reduction Act (IRA) 354n120, 414, 414n28
Information Commissioner's Office (ICO), UK 257
information disclosure, on-demand insurance 59–62
Information & Privacy Commissioner for Ontario, Canada 36
informed decision-making 82–5
initial public offering (IPO) 251
innovation: impacts on regulations 92–3;
risk of embedded insurance 90–4
Innovation Hub, Australia 274
Inns By The Sea v California Mutual Insurance Co 388
Institutional Investors Group on Climate Change (IIGCC) 420–1, 421n77
insurable interest 149–50
insurance 399;
advancement in 7;
automation and 479–81;
autonomous transportation 10–13;
autonomous vehicles (AVs) 178–80;
clauses and operation 316–17;
coverage cases 464–6;
for cryptoassets 265–6;
cyber risks and 492–3;
defined 2;
in digital age 479–84;
discrimination 485–6;
embedded 3, 8;
for financial technology (fintech) 13–15, 282–6;
fraud in on-demand insurance 59–62;
market 102;
on-demand 3, 7–8, 7n23;
pandemics and 493–4;
parametric 9–10;
professional indemnity 491–2;
see also specific types
“Insurance 2023—the year ahead” 479
Insurance Act 2015 484
Insurance Contracts Act 1984 484
Insurance Core Principles (ICPs) 425
Insurance Council of Australia 171
Insurance Development Forum (IDF) 439–40, 442
Insurance Information Institute 231
Insurance Institute for Highway Safety, US 179
Insurance Services Office (ISO) 379n27
Insurance Stress Test 426
insured duty of disclosure 27–8
Insure our Future 470
insurers 9, 30–1; insurance
insurers’ responses in UAVs 224–42;
bespoke drone insurance 225–7;
compulsory third-party liability insurance 233–42;
general 224;
home and contents cover 231–2;
mutual insurance 232–3;
on-demand drone insurance 229–31;
write-back drone insurance cover 224–5
InsuResilience Global Partnership (InsuResilience) 439, 441
InsuResilience Solutions Fund (ISF) 439
Insuring the Climate Transition 471, 476
intellectual property (IP) infringement/employment disputes 278
interagency coordination 93
Intergovernmental Panel on Climate Change (IPCC) 19, 19n58, 19n59, 410–11, 410n5, 411n8, 411n10, 414–15, 414n31, 446, 446n3–4, 449, 457, 457n68, 467
International Accounting Standards Board (IASB) 430
International Association of Classification Societies (IACS) 201
International Association of Insurance Supervisors (IAIS) 92, 395, 424–6, 475
International Civil Aviation Organization (ICAO) 213n3
International Cooperative and Mutual Insurance Federation (ICMIF) 368
International Energy Agency (IEA) 412, 419, 494n67
International Maritime Organization (IMO) 11, 183, 184, 194n54
International Organization of Securities Commissions (IOSCO) 430
International Safety Management Code (ISM Code) 209
International Standards Organization and SAE International (ISO/SAE) 162n27
International Sustainability Standards Board (ISSB) 430, 443
International Underwriting Association (IUA) 7, 49
Internet of Things (IoT) 42, 99, 109, 131
investor claims, fintech 277–8
IPCC see Intergovernmental Panel on Climate Change
IPCC AR6 Working Group see 2020 IPCC Sixth Assessment Report (AR6) Summary of Cross-Working Group
IRA see Inflation Reduction Act
irreversible feedback loop 411
ISO27001/27002 308–9
ISSB see International Sustainability Standards Board
IT security 324
jurisdictional law 118
Kinley, A. 164
Klarna 252
Klein, R. W. 406
Klinger, E. L. 53–4
KLM 462–3
Knight, J. 266
Kovas, A. 283
KPMG 62, 64
Krummaker, S. 396
Kwon, W. J. 128
Kyoto Protocol 412–13, 448
late notification to insurers 313
ledger transparency, DLT 111–12
Lee, N. T. 86
legal costs 324
legal risks, DLT 114–15
Leiman, T. 240
Leopardstown Inn v FBD Insurance Plc 391
lex fori 191
LexisNexis Risk Solutions 276
liability: autonomous transportation 10–13;
financial technology (fintech) 13–15;
insurance 13–15, 186–7, 480;
risk and insurance for AVs 162–75
liability risks 19;
climate 444–77;
defined 446;
managing 472, 472–7, 476
Lidar (Light Detection and Ranging) 243n100
light touch approach 9
Lijo Abraham and Niji Thomas, et al. v Costello, Inc. 459
Limitation of Shipowners’ Liability Act 193
Lin, X. 128
Little Job (ship) 194
LLMC 76 194, 197
Lloyd’s 4, 402–4, 420, 437, 470, 488, 489
Lloyd's Market Association (LMA) 392, 393, 436–7, 469
Long-Term Climate Strategy 442
loss adjusting 325
low-carbon economy 355, 418, 447, 462
Loyaltrend Ltd v Creechurch Dedicated Ltd 380
Luxury Escapes 74–5
Ma-Afrika Hotels (Pty) Ltd v Santam Limited 391
machine learning see artificial intelligence (AI)
Maloney, C. 405
managerial liability, fintech 281–2
mandatory comprehensive credit reporting, Australia 273
Mandatory Credit Reporting and Other Measures Act 2021 273
manipulative marketing see manufactured vulnerability
manufactured vulnerability 89
Marc Rich & Co AG v Bishop Rock Marine Co Ltd (The Nicholas H) 203, 204
Marine Insurance Act 1906 485
maritime autonomous surface ships (MASS) 10, 183–7, 183n1, 204, 210
Maritime & Coastguard Agency, UK 183
maritime cyber risks 185, 208–11
Maritime Unmanned Navigation through Intelligence in Networks (MUNIN) 11
market initiatives, fintech in UK 258–61
Marsh McLennan 443, 494
McCarran-Ferguson Act 81, 387
McKeon, C. 489, 491
McKinsey & Company 109–11, 497
McQuaid, E. 42, 61
McVeigh v Retail Employees Superannuation Pty Limited 461
MDM 302
medical malpractice, risk trends in 358–9
Merchants Bank of Boston 192
Merchant Shipping Act 1854 (UK) 192
Merchant Shipping Act 1894 (UK) 193
metaverse 479, 481
micro, small and medium enterprises (MSMEs) 250
Microsoft 178
middle-and-back-office solutions, fintech in Australia 271
Milieudefensie et al. v Royal Dutch Shell 468
millennials 69
miners 101
mining 101n21
misleading marketing for AVs 166
MITRE ATT&CK 310
Money Laundering, Terrorist Financing and Transfer of Funds Regulations (MLRs) 258, 266
money transfer 121
Moonrock Drone Insurance 218, 227–9, 243
Motor Accident Insurance Act 1994 241
motor insurance 54–5, 163, 180, 241, 370, 480, 482
The MSC Napoli 196–7
Mulholland, E. 472, 476
Mumenthaler, C. 110
Munich Group 420
Munich Re 431, 438, 494
mutual insurance 232–3
mutuals 368–9
MyBudget 276
NASA: Global Flood Monitoring System 133
NatCat 146–7, 375, 382, 392
National Association of Insurance Commissioners (NAIC) 41, 48, 59, 387n, 387n71–2, 388n73
National Cyber Security Centre (NCSC) 292–3
National Environmental Policy Act (NEPA) 453
National Highway Traffic Safety Administration (NHTSA) 173, 174, 453–4
National Injury Insurance Schemes (NIIS) 240
nationally determined contributions (NDCs) 413
National Transport Commission (NTC) 171
natural catastrophe risks 438–9
natural catastrophes (Nat Cat) 5, 18
Natural Disaster Insurance Review 18
natural disasters 18, 128, 145, 330, 441
natural language processing (NLP) 33, 371
NDCs see nationally determined contributions (NDCs)
negative basis risk 132
network analysis, fraud detection 32
Network for Greening the Financial System (NGFS) 424–6, 473, 475
“Net Zero by 2050: A Roadmap for the Global Energy Sector” 412
Net-Zero Insurance Alliance 20
Never Again Small Business Protection Act 405
New Payments Platform (NPP) 270–1
New World Harbourview Hotel Co Ltd v Ace Insurance Ltd 397n116
New York Department of Financial Services (NYDFS) 428
NGFS see Network for Greening the Financial System
NHTSA see National Highway Traffic Safety Administration
nodes 98–9
noise, risk assessment, UAVs 221–2
non-autonomous, autonomous vehicle vs. 176
non-fungible tokens (NFTs) 262–3;
cryptoassets 267–8;
disparate or intangible assets 284;
entities dealing with 265;
uncertain future 284;
unclear value 284
nongovernmental organisation (NGO) 149–50
non-insurance entities 93
nuisance, risk assessment, UAVs 221–2
NZAOA see Net Zero Asset Owner Alliance, under United Nations
NZIA see Net-Zero Insurance Alliance, under United Nations
OakNorth 251–2
“occurrence-based” sections of cover 317
O’Connor, C. 489
OECD (Organisation for Economic Co-operation and Development) 6, 36, 71, 81, 92, 395, 400–1, 401n120, 402, 494;
Privacy Guidelines 38–40
on-demand drone insurance 229–31
on-demand insurance 3n11, 7–8, 7n23, 47–65;
defined 48;
Flock 53–7;
information disclosure 59–62;
insurance fraud 59–62;
transactional process 57–9
on-demand software 48
O’Neil, C. 320n58
“One Planet Summit” 424
“one-size-fits-all” approach 229
open banking: fintech in Australia 269–70;
fintech in UK 255–6
Open Finance 272
open insurance 42, 62
OpenQuake Platform 133
Operational Design Domain (ODD) 165
operational efficiency 400
operational risks, risk assessment, UAVs 218–19
Orient-Express Hotels Ltd v Assicurazioni Generali SA 384
original equipment manufacturers (OEMs) 169
OTA (over-the-air) 177
Otto Candies LLC v Nippon Kaiji Kyokai Corporation (Otto Candies) 204
over-regulation, risk of embedded insurance 90–4
Pacific Catastrophic Risk Facility (PCRAFI) 146
Paech, P. 116, 117
Pandemic Re (PRIA programme) 404, 407, 494
Pandemic Risk Insurance Act (PRIA) 402, 405, 406
pandemics 18–19;
catastrophes and 392–407;
defined 375n2;
insurance and 374–408, 493–4;
risk cover 375n3;
risk insurance 375n3
Paperwork 497
parametric index insurance 142
parametric insurance 3, 5, 9–10, 127–56;
advantages over indemnity-based products 134–9;
basis risk 131–4, 155–6;
consumer concerns 152–3;
design, drafting and marketing 156;
education 156;
indemnity principle 150–2;
industry growth 153–4;
insurable interest 149–50;
overview 128–9;
problem for regulators 148–9;
regulation 156;
regulatory and legal challenges 148–53;
sovereign disaster risk management and 144–6;
structure of 130–1;
types of 140–3
parametric products 141–2
Paris Agreement 413–14, 413n21, 413n24, 417, 419–22, 424, 443n208, 448, 450, 455, 461–2, 468
Partnership for Carbon Accounting Financials (PCAF) 434–5, 470
patch management 299–300
PathogenRX 375, 396, 397, 404
“pay-as-you-fly” approach 51, 229, 230–1
“pay-as-you-go” insurance 7, 49, 230
payment initiation service providers (PISPs) 256
payments, fintech in Australia 270–1
Payment Services Directive (PSD2) 255–6
Payment Systems Regulator (PSR) 257
PCAF see Partnership for Carbon Accounting Financials
Peabody Energy Corp 428
Peña, A. 54
pending freight 192, 192n44, 193, 193n51
perceived data protection/privacy 34–6
perimeter defence 301–2
Permission for Commercial Operation (PfCO) 234
Personal Data Protection Act (PDPA) 40
personal injury, risk assessment, UAVs 220–1
Philippines Catastrophe Insurance Facility (PCIF) 441
physical damages 416–17
physical risks 19, 20, 416–17;
failure to adapt to 458
planetary boundaries 443, 495
policy awareness, embedded insurance 82–5
positive basis risk 132
Posner, R. 387
Post-2020 Global Biodiversity Framework 443
post‑event assistance 399
PPPs see public-private partnerships
pre-agreed pay-out 72
“pre-breach” services 325
predictive analytics 35n51;
fraud detection 32
Premier Dale v RSA & Arachas 391
prevention of access (PoA) clauses, secondary triggers 384, 385
PRI see Principles for Responsible Investment
Principles for Responsible Investment (PRI) 421, 431
Privacy Act 1988 198
private Blockchains 101–2; Blockchain
private key 263
private pandemic risk insurance 395–402
privileged access management (PAM) 302
proactive incident response 315
Proceeds of Crime Act (2000) 258
processing integrity, SOC2 309
product liability: autonomous ships 188–91;
autonomous vehicles (AVs) 175–8;
liability, risk and insurance for AVs 167
product marketing 189
Product Security and Telecommunications Infrastructure Act 2022 303
product standards, risk assessment, UAVs 219–20
professional indemnity (PI) insurance 16–17, 283, 333–73, 491–2;
accountants and auditors 366–7;
building regulatory reform 356–7;
captives 368;
challenges 338–53;
complexity and emerging risks 357–8;
cyber risks 353;
economic headwinds 347–9;
electronic health records (EHRs) 363–4;
environmental, social and governance (ESG) 344–7;
financial advisers 364–6;
impact of technology 370–2;
increased regulatory oversight 343–4;
legislative changes during and after COVID-19 353–4;
mutuals 368–9;
rapidity of change 370;
risk transfer mechanisms 369;
risk transfer structures 367–9;
risk trends in medical malpractice 358–9;
risk trends in other professions 364;
robotic surgeries 362;
social inflation 349–52;
supervision and staffing 340–2;
technology in claims 372;
technology in underwriting 370–2;
telemedicine 359–62
professional liability 278–9
project-specific insurance 369
property damage, risk assessment, UAVs 220–1
protection against bad actors 120–1
Protection and Indemnity Associations (P&I Clubs) 12, 186, 186n15, 187, 191, 194
protection gap 417, 440
Prudential Regulation Authority (PRA) 257
PSI see UN Principles for Sustainable Insurance
Public Act 332 of 2016 (Senate Bill 995) 174
public blockchain 101–2
public key 263
public–private partnerships (PPPs) 421, 422, 439
public purse 494
public relations 324
Puerto Rico v Big Oil 464
pure parametric policy 140–1
Pütz, F. 168, 180
QBE 431
qualitative risk vs. quantitative risk 305–6
quantum technology 2
Race to Zero Campaign 418, 433–4
Rachael Allen 205–6
Racketeer Influenced and Corrupt Organizations Act (RICO) 464
Ramos, A. 268n65
ransom demands 324
ransom payments 320–3
ransomware 15, 34, 177, 289, 295–6, 304–5, 320–3
rapidity of change 370
Raskin, M. 115
ratchet mechanism 468
real economy 418, 472
real-time notifications, fraud detection 33
rebating in embedded insurance 89
Recher & Co v North British and Mercantile Insurance Co. 381n34
Reeman v Department of Transport 204
regulation: autonomous vehicles (AVs) 159–62;
cryptoassets 266–7;
financial technology (fintech) 275–6;
fintech in Australia 272–4;
fintech in UK 256–7;
liability, risk and insurance for AVs 165–6;
reform 356–7
Regulation 12A–12M 83n69
Regulation Impact Statement (RIS) 171
Regulatory and Supervisory Framework for Insurance Intermediation 81
reinsurance 399, 401, 417, 470; insurance
Reinsurance Group of America (RGA) 486–7
remotely piloted aircraft systems (RPAS) 213, 213n3
reputational risks, fintech 281
Resnick, P. 86
Responsibility of Shipowners Act 1734 192
REST 461
ReStart 402
retroactive exclusions 318
Rio Earth Summit 412
risk and compliance, fintech in UK 257–8
risk assessment, UAVs 217–24;
cyber risks 222–4;
data protection 222;
general 217–18;
noise 221–2;
nuisance 221–2;
operational risks 218–19;
personal injury 220–1;
privacy 221–2;
product standards 219–20;
property damage 220–1;
trespass 221–2
risk mitigation 231
risk pools 138, 146, 438–9, 441
risks of embedded insurance 80–90
risk transfer mechanisms 369
risk transfer structures 367–9
Ritterband, S. 219, 219n26
Road Accident Fund (RAF) 241–2
Road Traffic Act (Germany) 168–70, 175n80
Road Traffic Act 1988 241
Robert, S. 394
Robert Heath Heating 55, 56
robotic process automation (RPA) 479
robotics 487
robotic surgeries 362
Rockliffe Hall Ltd v Travelers Insurance Co Ltd 386
Rome II Regulation 188
Roney, E. 42, 61
Ronin Network 280
Röschmann, A. Z. 59, 62, 64
Rowell, H. 483
RPA see robotic process automation
Ruel, C. 497
Rye Ridge Corp v Cincinnati Ins Co 388
Ryskamp, D. 176
SAE see Society for Automotive Engineers International
Safely Ensuring Lives Future Deployment and Research in Vehicle Evolution (SELF DRIVE) 173
SARS 375, 381
Satovich, A. 489
SCOR 431
Sea Machines Robotics SM300 205–6
SEC see US Securities and Exchange Commission
secure mobile devices 302–3
security, SOC2 309
self-help processes 221
Senate Bill S6806A 320n59
Sendai Framework for Disaster Risk Reduction 422
Sharma v Minister for the Environment 454
Shell 464
shore-based operator (SBO) 184, 188
Siegel, E. 35
Siehr, K. 189
Simmons, M. 489
Singapore Cybersecurity Act 299
single insurer 192
Sixth Assessment Report 19n58, 19n59, 410–11, 410n5, 410n7–8, 411n10, 414–15, 414n31–4, 446, 446n3–4, 449, 457n68, 467
SK Group 443
small and medium-sized enterprises (SMEs) 131, 154, 252
smart contracts 3, 9, 57, 96n3, 135n26;
distributed ledger technology (DLT) 100;
technology-enhanced 135;
in underwriting and claims management processes 103
Smarter Consumer Communications 90
SOC audit (formally SAS70) 309;
SOC2 309
social inflation 349–52, 491
social insurance 399
Society for Automotive Engineers International (SAE) 11, 160
Society for Worldwide Interbank Financial Telecommunication's (SWIFT) 113
software as a service see on-demand software
South African Civil Aviation Authority (SACAA) 237
South African Department of Mineral Resources and Energy (DMRE) 454
Sovereign and Humanitarian Solutions (SHS) 440
sovereign disaster risk management 144–6
space: industrialisation 490;
and insurance 489–91;
tourism 490–1
The Space Review 489
SpaceX 489
special-purpose acquisition company (SPAC) 255
Splitt Chartering APS v Saga Shipholding Norway AS (The Stema Barge II) 197–8
standalone cyber insurance 315–16
standardisation, DLT 123–4
Steadfast Insurance Co. v AES Corporation 464–5
Stema UK 197–8
Stevens Institute of Technology 11, 12
STL (starters, transfers, leavers) 302
Stonegate Pub Company v MS Amlin 386
Superstorm Sandy 416
supervision and staffing 340–2
supply chain risk management 314–15
Supreme Court 191, 385n57
Sustainable Finance Committee (SFB) 427
Sustainable Finance Working Group 429
Swiss Re Institute 18, 415, 420, 421, 423, 431, 438
Swiss Re International v LCA Marrickville 390, 397, 407, 494
take or pay 135n27
targeted/personalised marketing 31
Target Setting Protocol 432
Task Force on Climate related Financial Disclosures (TCFD) 423–4, 426–7, 429–30, 443, 461, 475, 476, 495
tax considerations, embedded insurance 88
TCFD see Task Force on Climate related Financial Disclosures
tech-led approach to insurance, Cover Genius 77
Technical Annex 427
technology: embedded insurance 78–80;
failures in fintech 278–9;
PI 370–2;
in PI claims 372;
in PI underwriting 370–2
Ted Baker Plc v Axa Insurance UK Plc 381
telemedicine 359–62
Terrorism Risk Insurance Act 2002 (TRIA), US 405
Texas Windstorm Insurance Association 367n203
The Financial Sector Conduct Authority (FSCA) 84
third-party liability 226–7
third-party litigation 175
3D internet 481
tiered pricing extracts, Cover Genius 77
tipping points 410
Titanic 193
TKC London Ltd v Allianz Insurance Plc 378, 381, 386
training and awareness 305
transactional process 57–9
TransferGo 276
Transition Plan Taskforce Disclosure Framework 426–7
transition risks 19
Tranter, K. 240
travaux préparatoires 197–8
Treating Customers Fairly (TCF) 84
trespass, risk assessment, UAVs 221–2
tropical ecosystems 411
trust architecture 2
UAVs see unmanned aerial vehicles
Uber 12, 178
UK and Scottish Law Commission 151
UK Competition and Markets Authority (CMA) 255
UK Department for Transport 11
UK General Data Protection Regulation (UK GDPR) 257–8
UK House of Commons Treasury Select Committee 394
unattended machinery space (UMS) 185
UN Convention on the Law of the Sea (UNCLOS) 195
UNDRR see UN Office for Disaster Risk Reduction
UN Environment Programme Finance Initiative (UNEP FI) 419, 421–2, 430, 431, 471, 472, 476, 476
UNEP see United Nations Environment Programme (UNEP)
UNEP FI see UN Environment Programme Finance Initiative
UNEP FI/PSI 476
UNFCCC see UN Framework Convention on Climate Change
UN Framework Convention on Climate Change (UNFCCC) 20n60, 412–13, 412n15, 413n18–21, 413n24, 418n60–1, 420–1, 431, 469
UN Human Rights Committee (UNHRC) 453
United Kingdom: air travel trust fund (ATTF) 242n94;
business interruption insurance 383–7;
Chartered Institute of Loss Adjusters (CILA) 380n33;
Financial Conduct Authority (FCA) 154, 254, 257–61;
financial technology (fintech) in 252–68;
Information Commissioner's Office (ICO) 257;
liability, risk and insurance for AVs 162–4;
Maritime & Coastguard Agency 183;
Motor Insurer's Bureau 240n89
United Nations 200;
Net Zero Asset Owner Alliance (NZAOA) 431–3;
Net-Zero Insurance Alliance (NZIA) 432–5
United Nations Development Programme (UNDP) 440
United Nations Environment Programme (UNEP) 410, 431n150, 470n143
United States: bushfires due to drone crashes in 220;
business interruption insurance 387–9;
consumer drone accidents 218n24;
drones in 213n1;
Federal Aviation Administration (FAA) 214;
Institute of Standards and Technology (NIST) 306–7;
Insurance Institute for Highway Safety 179;
liability, risk and insurance for AVs 173–5;
Terrorism Risk Insurance Act 2002 (TRIA) 405
University Superannuation Scheme (USS) 461
unmanned aerial vehicles (UAVs) 10, 212–45;
assessment of risks 217–24;
deployed or operation of 215;
insurers’ responses 224–42;
operator of 215;
regulator of 216;
regulatory challenges and uncertainty 212–17;
technological challenges 216
unmanned aircraft (UA) 213, 213n2
unmanned aircraft systems (UAS) 213, 213n2, 223
UN Office for Disaster Risk Reduction (UNDRR) 417, 422
UN Principles for Sustainable Insurance (PSI) 421, 422, 433, 471, 476
unvalued loss of profits 381n34
Urgenda Foundation v State of the Netherlands 448
US Department of Health and Human Services 360
US Department of Transportation 173, 179
US National Association of Insurance Commissioners (NAIC) 57, 151–2
US National Flood Insurance Program (NFIP) 399, 402
US Pandemic Risk Insurance Act 405–6
US Securities and Exchange Commission (SEC) 117, 118, 345, 428–9, 463
valued loss of profits 381n34
Various Eateries Trading Ltd v Allianz 386
Vehicle Certification Agency (VCA) 165
video on demand (VOD) 48
Virgin Galactic 489
virtual data 483
voyage data recorders (VDRs) 185
VRF 430
Wagner, J. 59
Wahi, N. 281
Walchek, S. 52
Waymo 178
weather risks, DLT 107–9
Web 2.0 era 481
Web3 technologies 481
Werbach, K. 108, 115
Weston, H. 406
wind-at-location 147–8
Wirecard scandal 281
WMO see World Meteorological Organization (WMO)
WorkPac Pty Ltd v Rossato 390
World Bank 144, 144n42, 146, 250
World Bank Group 144
World Economic Forum 430, 443, 480
World Food Program 146
World Health Organisation (WHO) 382n40, 396, 397
World Meteorological Organization (WMO) 410
World Weather Attribution (WWA) 457
World Wildlife Fund (WWF) 431
write-back drone insurance cover 224–5
WTW 423, 437–8, 440
XCover 74, 75
Xiaoyan Liu 278
Xingyun 483
Zero-COVID policy 493
Zetzsche, D. A. 116
Zoox 12, 178
Zurich Insurance Group 436, 443

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Global Insurance Market and Change

Page 499 Index

Page 499

Page 499

Index