DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/c4f9z3/impact_of) has announced the addition of the "Impact of Automated Vehicles on Motor Insurance Market" report to their offering.
With the technology steadily advancing from semi-autonomous vehicles to fully-autonomous vehicles, the chances of vehicles meeting with an accident and causing a fatality are reduced considerably. Over the long term, as manually-driven vehicles are replaced by autonomous vehicles, the risk of vehicles crashing is minimised substantially, which will reduce the amount of insurance premiums, thereby having an adverse impact on the current business model of the motor insurance industry. As the vehicle takes over the control of driving, there would be a shift in liability on who needs to pay the premium. This research analysis aims to highlight opportunities and avenues that could offset this deficit.
- The reduced risk of crashes diminishes overall revenues in the motor insurance market, thereby shrinking market capitalization. Traditional insurers will be forced to realign their motor insurance strategies with property insurance, as the vehicle becomes a living-room-on-wheels
- As product liability represents a large portion of risk currently covered by insurance, original equipment manufacturers (OEMs) may start to bundle end-user insurance into warranty packages for personal-use vehicles
- With insurance expected to be more data reliant, the traditional method of underwriting that uses historic data is likely to take a back-seat, paving the way for a new breed of underwriters who are capable of evaluating driving algorithms and assigning a relevant risk priority number
- The onus of insuring the vehicle is likely to shift from the vehicle owner to the vehicle manufacturer. All excesses currently covered by the insured shall be shared among several stakeholders, such as road-operators and local transport authorities
Key Topics Covered:
1. Executive Summary
2. Research Scope, Objectives, Background, and Methodology
3. Definitions and Segmentation
4. Autonomous Vehicles Insurance Business Model
5. Conclusions and Future Outlook
For more information visit http://www.researchandmarkets.com/research/c4f9z3/impact_of