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Impact of Automated Vehicles on Motor Insurance Market
As Consumer-driven Revenues Likely to Shrink Considerably by 2050, Insurers to Find New Avenues to Offset the Deficit
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.
Key Questions this Study will Answer
- What is the current business environment of the motor insurance industry and how will it evolve?
- What will be the important parameters for premium evaluation? Will there be any new-to-market parameters?
- Do nearly crash-free driverless vehicles spell disaster for the motor insurance industry?
- With the advent of autonomous vehicles, where can insurers look for revenue opportunities?
- What will be the role of OEMs in transforming the motor insurance industry of the future?
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