The Future of Automobile Insurance in the Era of Autonomous Vehicles
PRESS RELEASE
Contacts:
The Future of
"Technology is catching up with movies like
Key Takeaways
*Autonomous vehicles will become the majority of vehicles in 20 years, and will have significant impact and change for a competitive private insurance market in terms of risk-management and regulation.
*The
*The business of insurance must adapt its practices to reflect levels of uncertainty associated with the transformation of mobility that the country will experience.
Topline Quotes from Witnesses
"Key issues for... insurers in this public policy discussion relate to our ability to assess risks presented by our customers, to price that risk appropriately, and to handle claims... There is a greater understanding of the role of the insurance industry as a stakeholder in the future of these technologies... As laws expand and are amended to allow for testing and implementation of these technologies, it will be appropriate to determine how insurers can appropriately match price to risk and develop new products." -
"The development and deployment of proven, safe [Automated Vehicles] will require significant technological advances, regulatory changes, and an active partnership between technology companies, vehicle makers, insurance companies, and the government... Insurance will need to evolve to address changes in both vehicle technology and the increased vehicle sharing that is enabled by that technology... Ultimately, the insurance industry... should be a partner to technology companies, vehicle manufacturers, and regulators to promote safety on our roads." -
"As is true today, the role of insurance in an era dominated by highly automated technologies will continue [to] provide financial certainty to the owner and operator of a vehicle in the event of an accident, theft or other damage to that vehicle... in a world of autonomous vehicles, insurance may play additional roles... While obstacles remain... we believe that private insurance... is well positioned to aid in the adoption and proliferation of the technology." -
"We appreciate the Subcommittee's efforts today and going forward because, quite frankly, we have many more questions about insuring the AV than answers. The good news is that this Subcommittee is beginning to raise and address these questions and, as a practical matter, because the AV is still in a relatively early stage of development, there is no need to rush to judgment when it comes to resolving the intricacies associated with insuring these extraordinarily complex products." -
"The shift is on. Society is moving from driving our individually owned cars, to sharing cars that we or someone else drives, to sharing cars that are autonomous. The effect of this is nothing short of revolutionary. Policymakers should embrace the significant social and economic benefits now and the insurance sector must be nimble and willing to change the way it views risk and offer competitively priced enhanced insurance for the next millennium." -
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