A.M. BestTV: Rapidly Advancing Robotics World Presents New Risk Issues

OLDWICK, N.J.--(BUSINESS WIRE)-- In this A.M.BestTV episode, experts outline underwriting and coverage issues faced by the insurance industry due to the growth and increased sophistication of robotics. Click on http://www.ambest.com/v.asp?v=robotics516 to view the entire program.

The field of robotics is profoundly changing the world. Insurance will be impacted in several ways, including how liability is accessed and risk is managed, along with how mitigation responds to the unique exposures in this surging industry. In the next several years, massive growth in robotics and artificial intelligence is expected.

“The industry is expected to (reach) $20 billion in a very short time,” said Garry Mathiason, co-chair, senior class action litigator and strategist, Littler Mendelson. “By 2020, it is expected to be over a $100 billion industry, and from what I have observed, within a decade, I think it will be a trillion dollar and above industry. It is growing that fast and that broad.”

Bob Nevin, vice president, product line manager, Lexington Insurance Company, addressed the issue of what coverages are available.

“We have the whole scope of coverages available,” explained Nevin. “You have general liability, products liability and the professional liability that takes the errors and omissions. That’s what people have to realize, that there are multiple exposures to robotics, not just from a manufacturing standpoint.”

Other people who appear in this episode include:

• Morgan Kyte, senior vice president, Marsh; and
• Jeanmarie Giordano, chief underwriting officer, professional liability, American International Group, Inc.

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A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2016 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160509006388/en/

A.M. Best
Lee McDonald, +1 908 439 2200, ext. 5561
Group Vice President, Publication and News Services
[email protected]

Source: A.M. Best

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