Wearables pose a number of opportunities for insurers and potential discounts for insureds, but not without a number of risks, as well. (Photo: iStock/Fitbit)

Wearables and fitness-tracking technology have witnessed rapid growth in recent times. International Data Corporation reports that one in every five people in the U.S owns a wearable fitness device. It also estimates that annual shipments will exceed 250 million devices by 2021.