E-risks and insurance in the information age

Abstract

In the Information Age new information and communication technologies (ICTs) have presented considerable challenges to existing markets and institutional structures and have also given rise to legal and insurance risks(“e-risks”). This article considers some of the areas in which the challenges arising from e-risks have impacted upon the insurance industry, insurance law and insurance litigation and identifies why e-risks are a concern to society and to the insurance industries and insurance law in New Zealand and Australia. The importance of effective e-risk management and a review of various regulatory responses to technological change, specifically those relevant to the insurance industries in New Zealand and Australia, are considered. The conclusion to this article identifies some of the characteristics of the Information Age and concludes that they are in fact compatible with the conventional nature of insurance, insurance law and risk management.