Car insurance market will be 70 percent smaller in 2050, study

Car insurance market

A new KPMG report showed that autonomous vehicle technology will have a tremendous impact on this sector. The car insurance market will wither by up to 60 percent by the year 2040 and by 70 percent of its current size by 2050, according to a recent KPMG study. Autonomous vehicle technology will drive the decreasing size of the marketplace, said the report. According to the KPMG research, the reason the car insurance market will fall by about $137 billion by 2050 is because of driverless vehicle tech and ride-share transportation.…

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Google is making a move into the auto insurance sector

Driverless self-driving car Google auto insurance

Driverless cars could have a major impact on the auto insurance market Self-driving cars are coming and that may change Google’s position in the auto insurance space. Recently, Google launched its insurance rate comparison service in the U.S. Called Google Compare, this service has been operating in the United Kingdom for some time, representing quotes from 124 insurers in the country. The UK government has already approved the testing of driverless vehicles on public roads, but U.S. regulations are still somewhat restrictive. These vehicles could have a significant impact on…

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Driverless cars may be a problem for the auto insurance industry

auto insurance car transportation hybrid

Self-driving vehicles need legislative attention Driverless vehicles could be a disruptor for the auto insurance market, but they will have to overcome several legislative hurdles before they can do so. When it comes to the law, self-driving cars become a very complicated matter. For instance, when such a car is involved in a collision, where the blame can be placed for the incident can be difficult to determine. This is something that auto insurance companies and lawmakers are grappling with. Insurers are forming a better understanding of self-driving cars and…

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Driverless Cars – The Future of Motoring

Driverless Cars auto insurance

Driverless cars may be far closer to becoming reality than is generalised realised according to new research by Eight major global players are all competing to take this developing industry by storm, with Mercedes set to win the race to be first to market with a driverless S-Class set to be made available later this year. The Mercedes solution will be capable operating without driver input at speeds of up to 25mph, which will allow drivers to avoid tedious and stressful inner city driving. This will be very similar…

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