Why it’s almost impossible to insure these 5 emerging technologies | Insurance - The Next Web

Sam Golden, tech storyteller, strategist and communications pro., We’re exposed to risk every day. 

Photo: The Next Web

From crossing the road to using our phones on the toilet. Every decision is a gamble and, subconsciously or consciously, we weigh up the likelihood of something going wrong.

The insurance industry is built on this principle. Policies offer protection in the event the odds aren’t in your favor. The trick is, insurers need to be able to protect their customers 
 he field of actuarial science is devoted to this cause. Actuaries use mathematical formulas based on historical trends to model events of uncertainty. This gives insurers an idea of the likelihood of a certain event taking place.
 
But what about when there’s no historical data to base these assumptions on?..

These changes won’t happen overnight but the sooner we accept our insurer can help us not hinder us, the sooner the industry can transform itself from a boring afterthought into an essential part of our everyday lives.
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Source: The Next Web