The future of general insurance firms will depend on how they handle advent of driverless cars and other technology developments, deputy Central Bank governor Ed Sibley has warned. “Future viability is dependent on answering these questions and the successful adaptation of business models to meet these challenges,” Mr Sibley added. Audi already offers a level of self-driving technology on its new flagship A8 luxury saloon and other brands are following suit. ConvergenceMeanwhile, Mr Sibley called for greater convergence across the EU in relation to recovery and resolution of ailing insurers. EIOPA will start to assess the need for harmonisation of guarantee schemes next year, Mr Sibley noted, adding that he is “supportive of these efforts”.

Source: The Irish Times November 29, 2017 10:41 UTC