Search
 

Thriving in the autonomous auto market

Insurers must consider that the nature of car ownership may change with autonomous vehicles

By Tom King | Updated on August 01, 2016

Any significant change to the automobile insurance market has a dramatic impact on the insurance industry as a whole. In most mature markets, automobile insurance is the single largest line of business, representing 42 percent of gross written premium in the U.S., according to a Best’s Special Report on the property and casualty market, where liability (including commercial auto) represents 26 percent of the overall market.

At one point, it was believed that telematics usage-based pricing was going to change the face of auto insurance but really, telematics is the Betamax of insurance in a digital world: an interesting footnote that will soon be irrelevant. The real seismic event in the industry will be the emergence of the autonomous car.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.