Tag Archives: Insurance Premiums

Insurance Industry

In a Level 4 self-driving vehicle transportation system, the number of crashes, vehicle thefts and other damage will decline significantly. Other than events like hail storm damage or the stray golf ball colliding with a parked car windshield, automobile insurance appraisers will have very little to do. Some predict the industry could be 40% the size it is today to a niche market as manufactures accept responsibility for any crash.

OBSERVATONS

  • $112 billion of automobile liability insurance premiums paid in 2014 Source & Source
  • $71 billion of automobile collision and comprehensive insurance premiums paid in 2014 Source
  • 14,000 people employed as automobile insurance appraisers  Source

IMPACT

  • KPMG predicts by 2040, the insurance industry will be 40% the size it is in 2015. Source
  • If automobile manufactures accept responsibility for automobile accidents (i.e. Volvo) insurance premiums may decline significantly.

SUPPORTING MATERIALS