U.S. Federal Insurance Office Issues Report Addressing InsurTech And Traditional Insurance

The Federal Insurance Office, U.S. Department of the Treasury ("FIO") released its first annual Report on Protection of Consumers and Access to Insurance (the "Report"). The Report reviews developments and concerns relating to five insurance issues: technology; environmental hazards; fairness in insurance practices; fairness in state insurance standards; and retirement and related issues. The Report identifies options available to consumers, industry, and state and federal policymakers to address certain noteworthy gaps in protection for insurance consumers.

Of note is the Report's observations on technology (Section II of the Report), and the manner in which technology issues (such as big data and cybersecurity) affect both traditional insurance companies and innovative InsurTech companies.