“The liability landscape is growing more complex as a result of the Internet of Things,” says Rudi H. Spaan, president and CEO of AIG Insurance Hong Kong Ltd., a unit of American International Group Inc.
There are between 10 and 20 billion devices connected to the internet, making it imperative that risk managers address liability concerns before introducing internet-connected devices into their companies. Technologies such as driverless cars and machines operated over the internet could cause unforeseen liabilities and insurers should work with their policyholders to ensure that these technologies are covered by insurance policies.