Insurance

Abstract

The insurance sector is no different from the other sectors examined in this book. It is likely to be transformed as it becomes increasingly digitised. This chapter explores the current developments and potential impacts of technology on the collection and usage of data pertaining to insurance products. It highlights how the states examined in this chapter have statutes in place for the governance of insurance contracts. The chapter points out how blockchain insurance, distributed ledger, cryptography, and smart contracts have the potential to disrupt the insurance industry. The adoption of this technology will improve pricing, risk assessment, and efficiencies. On the other hand, it could result in the insurance policy itself being tokenised, creating new market opportunities. A number of judicial decisions presented in this chapter demonstrate the interface between contracts and insurance policy and the need for vigilance as they become increasingly digitised. Finally, the chapter briefly demonstrates the importance of arbitration and the new developments in regard to open insurance.