The latest report by the company Autonomous Research predicts a 63% drop in prices charged by insurers by 2060.
A lot will change with the implementation of autonomous cars in the automotive industry. It appears that the impact should also be felt on insurers, according to a study carried out by Autonomous Research which focuses on the British market.As is well known, human error continues to be the biggest cause of accidents on the roads – once this variable is removed, the number of accidents tends to decrease, assuming that autonomous driving technologies will continue to evolve. Therefore, the report predicts a fall in insurance prices of 63%, about two-thirds of the current value. The insurance industry's revenue is expected to fall by around 81%.
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Also according to this study, current safety technologies such as the autonomous braking system and the Adaptive Cruise Control system already contribute to a reduction of accidents on the road by 14%. Autonomous Research aims for 2064 to be the year that autonomous cars will be accessible around the world. Until then, the company describes the year 2025 as the “hub” of the change, that is, the year after which prices should start to drop sharply.
Source: Financial Times