Dublin, May 15, 2024 (GLOBE NEWSWIRE) -- The "Autonomous Vehicles in Insurance - Thematic Intelligence" report has been added to ResearchAndMarkets.com's offering.
Visualize the growth potential of global autonomous vehicle insurance markets, understand the transformative impact on the motor insurance sector, and identify key challenges and opportunities, facilitating benchmarking against leading insurers in this emerging field.
Market Insights
The primary challenges to the insurance industry relating to autonomous vehicles are largely technological and regulatory. More specifically, insurers need to understand the impact of in-car technology on collisions to accurately quantify the risk of a vehicle. They also need to understand the cost of this technology and how it is likely to change over time so that they can manage these costs.
To fully understand the potential of autonomous vehicles on road safety (and ultimately insurance premiums), insurers are collaborating with autonomous vehicle manufacturers in trials across the world. Gaining access to important data on how these vehicles act and react in a range of situations is key to the risk assessment phase of the insurance value chain. These trials must continue, with more knowledge to be acquired of how vehicles will behave in non-ideal weather and road conditions.
The emergence of Level 4 and 5 autonomous vehicles will alter the way liability is determined in the motor insurance sector. Countries are updating traffic regulations to consider how self-driving vehicles should be legislated once driver fault is no longer a cause of incidents. While the owner or keeper of the vehicle will still be expected to take out an insurance policy for their vehicle, this product is likely to be more akin to product liability insurance than third-party liability insurance.
Before Level 4 autonomous vehicles become mainstream, vehicles will be increasingly fitted with advanced driver assistance systems such as autonomous emergency braking and automated lane-keeping systems. Fully autonomous vehicles will be fully connected to the world around them, including infrastructure, other vehicles, and real-time event data from the internet. These connections will introduce cyber vulnerabilities not only to individual cars but potentially also to the wider vehicle population, compounding risk.
Key Highlights
- Accenture and the Stevens Institute of Technology estimate that gross written premium (GWP) in the personal motor line will fall by 40% by 2040.
- The report also estimates that the market for product liability will increase by 14% over the same time due to the emergence of autonomous vehicles.
- The AAA estimates that contemporary advanced driver assistance systems is adding around 33% to the cost of claims in 2024.
Key Topics Covered
- Executive Summary
- Players
- Technology Briefing
- Trends
- Technology Trends
- Macroeconomic Trends
- Regulatory Trends
- Industry Trends
- Industry Analysis
- Market Size and Growth Forecasts
- Challenges of Autonomous Vehicles to the Insurance Industry
- Timeline
- Signals
- Deal Trends
- Patent Trends
- Value Chain
- Hardware
- Software
- Services
- Companies
- Public Companies
- Sector Scorecards
- Non-Life Insurance Sector Scorecard
- Glossary
- Thematic Research Methodology
A selection of companies mentioned in this report includes, but is not limited to:
- Swiss Re
- AXA
- Munich Re
- State Farm
- Tokio Marine
- Sompo
- Aviva
- Allianz
- Tesla
- Waymo
- Alphabet
- Covea
- Hiscox
- Chubb
- AIG
- Uniqa
- Toyota
- Honda
- Darwin
- GM
- Cruise
- Mercedes-Benz
- Nissan
- Volvo
- Land Rover
For more information about this report visit https://www.researchandmarkets.com/r/yi921x
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