IUA addresses evolving 5G risk

The deployment of 5G wireless networks is likely to be the single biggest technological change for society over the next few years, according to predictions from the International Underwriting Association’s Developing Technology Monitoring Group. It says that, because 5G will lay the foundations for so many other new developments – from communication using 3D holograms to augmented reality glasses – the associated risks and exposures are numerous and complex.

In a new report, the IUA analyses prospects for a host of developing technologies such as the augmentation of human bodies and the emergence of brain computer interfaces. Also explored are potential risk exposures arising from a rush to market of products with minimum cybersecurity standards, privacy concerns around the growing use of biodata and addiction to electronic sports.

Tom Hughes, market services executive at the IUA and secretary of the DTMG, said: “The pace of technological change in the modern world can be quite dizzying, yet for insurers it is vital to stay on top of new trends. This new report attempts to pick out some of the major developments that our industry needs to keep an eye on.

“Making predictions about the future is never an easy thing to do, but our interview seeks to discuss which technologies might be a mere flash in the pan and which are likely to have longer term implications. Insurers are well aware that they need to learn, prepare and act to provide suitable policies for clients and their fast-moving technology-related exposures.”

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