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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Rideshare insurance effort grows in California

rideshare auto Insurance accident crash

The state is working to boost the coverage requirements for companies such as Lyft and Uber. California may soon require that rideshare insurance minimum coverages be considerably higher than they currently are, in order to give greater protection to riders as well as to make liability a great deal clearer when accidents do occur. A recent proposal would change the current regulations to a minimum of $1 million in coverage. The proposal was created by the California Public Utilities Commission (CPUC) and would require rideshare insurance to be comprised of…

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