Are insurers ready for the future of mobility? As mobility evolves, forward-thinking European motor insurers can update their business approaches to serve climate-conscious, tech-savvy customers. July 21, 2022 For decades, population growth and rising per capita income in Europe were accompanied by an increase in the number of vehicles purchased and kilometers driven. But mobility is at a turning point. The fight against climate change has changed all mobility-related industries—including the insurance market. New technologies will also help ease the flow of traffic. The first Level 3 road congestion pilots, for example, can monitor traffic jams and switch the vehicle temporarily to autonomous driving. Level 4 highway pilots , which can monitor traffic and drive autonomously at higher speeds, are expected to be approved for private vehicles by 2025 at the latest. By then, 70 percent of all new vehicles are anticipated to be connected “smart” cars. Additio...
Ruling clears way for Purdue Pharma to settle opioid claims, protect Sacklers from lawsuits A federal court ruling cleared the way Tuesday for OxyContin maker Purdue Pharma’s settlement of thousands of legal claims over the toll of opioids. The court’s ruling reversed a 2021 ruling that found bankruptcy court judges did not have the authority to approve a settlement that would offer bankruptcy protections for those who have not filed for bankruptcy. Under the plan approved by the 2nd U.S. Circuit Court of Appeals in New York, members of the wealthy Sackler family would give up ownership of Stamford, Connecticut-based Purdue, which would become a new company known as Knoa, with its profits being used to fight the opioid crisis. They would also contribute $5.5 billion to $6 billion in cash over time. A chunk of that money — at least $750 million — is to go to individual victims of the opioid crisis and their survivors. Only one ot...