Google's driverless car looks amusing, with its sensory equipment strapped to the roof, but the property and casualty insurance industry shouldn't smile. Google's car is getting most of the press, but the autonomous car industry is growing far beyond Google's efforts and should greatly reduce the risks involved in driving. The current $200 billion in annual premium for commercial and private auto insurance in the United States could decrease over the next five years by as much as $75 billion.
Recent Developments
The Nevada DMV put the Google car through a test to assess the car's performance in May of this year. The modified Toyota Prius passed the test almost immediately. It came out later that Google got to choose a course, set specifications about the road and weather, and Google's personnel had to take over the controls twice during the test. Given all that, proponents believe that the world will still change because the driverless car is compelling.
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