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As a big promoter of the autonomous trend, Volvo says the upcoming driverless technologies are forcing the multi-billion-dollar motor insurance industry to face a period of radical restructuring.

There are increasingly more studies showing that self-driving cars will definitely upset the insurance industry. Volvo, one of the most active advocates within the auto world on pushing this technology upfront, also believes that insurers have to make radical changes in their business, as the number of crashes are being forecasted to drop by 80 percent by 2035 and insurance premiums are set to plummet. The Swedish brand points out a research made by Swiss Re and HERE in which they calculated that self-driving technologies could wipe out 20 billion dollars off insurance premiums globally by 2020 alone. The study says this trimming would be greater were it not for global car sales growth, mainly fuelled by growth in emerging Asia, in China and India in particular, which will become the largest markets for motor insurance by 2025 in terms of volume.

 



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Volvo Thinks Autonomous Tech Will Lower Insurance Costs - We Say They Will Find Another To Keep Rates High

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