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Autonomous Vehicles in Insurance - Thematic Intelligence

Publisher GlobalData
Published Apr 22, 2024
Length 83 Pages
SKU # GBDT18790003

Description

Autonomous Vehicles in Insurance - Thematic Intelligence


Summary

The primary challenges to the insurance industry relating to autonomous vehicles are largely technological and regulatory. More specifically, insurers need to understand the impact of in-car technology on collisions to accurately quantify the risk of a vehicle. They also need to understand the cost of this technology and how it is likely to change over time so that they can manage these costs. To fully understand the potential of autonomous vehicles on road safety (and ultimately insurance premiums), insurers are collaborating with autonomous vehicle manufacturers in trials across the world. Gaining access to important data on how these vehicles act and react in a range of situations is key to the risk assessment phase of the insurance value chain. These trials must continue, with more knowledge to be acquired of how vehicles will behave in non-ideal weather and road conditions.

The emergence of Level 4 and 5 autonomous vehicles will alter the way liability is determined in the motor insurance sector. Countries are updating traffic regulations to consider how self-driving vehicles should be legislated once driver fault is no longer a cause of incidents. While the owner or keeper of the vehicle will still be expected to take out an insurance policy for their vehicle, this product is likely to be more akin to product liability insurance than third-party liability insurance. Before Level 4 autonomous vehicles become mainstream, vehicles will be increasingly fitted with advanced driver assistance systems such as autonomous emergency braking and automated lane-keeping systems. Fully autonomous vehicles will be fully connected to the world around them, including infrastructure, other vehicles, and real-time event data from the internet. These connections will introduce cyber vulnerabilities not only to individual cars but potentially also to the wider vehicle population, compounding risk.

Scope
  • Accenture and the Stevens Institute of Technology estimate that gross written premium (GWP) in the personal motor line will fall by 40% by 2040.
  • The report also estimates that the market for product liability will increase by 14% over the same time due to the emergence of autonomous vehicles.
  • The AAA estimates that contemporary advanced driver assistance systems is adding around 33% to the cost of claims in 2024.
Reasons to Buy
  • Visualize the growth potential of global autonomous vehicle insurance markets and how these vehicles will transform the motor insurance sector.
  • Identify key challenges and opportunities arising within the space.
  • Benchmark yourself against the progress of leading insurers within this emerging sector.

Table of Contents

83 Pages
Executive Summary
Players
Technology Briefing
Autonomous vehicle sensor suite
Trends
Technology trends
Macroeconomic trends
Regulatory trends
Industry trends
Industry Analysis
Market size and growth forecasts
Challenges of autonomous vehicles to the insurance industry
ADAS is improving vehicle and road safety but increasing vehicle repair costs
Cybersecurity challenges are the next major frontier for OEMs and insurers
Data will become the most important commodity to motor insurers
Liability law is evolving to alleviate gray areas generated by Level 3 and 4 vehicles
Timeline
Signals
Deal trends
Patent trends
Value Chain
Hardware
Software
Services
Hardware
Semiconductors and processors
Specialist autonomous modules
Vehicles
Software
Levels 4 and 5
Level 3 and ADAS
Services
Consumer shared services
Commercial autonomous
Companies
Public companies
Sector Scorecards
Non-life insurance sector scorecard
Who’s who
Thematic screen
Valuation screen
Risk screen
Glossary
Further Reading
GlobalData reports
Our Thematic Research Methodology
About GlobalData
Contact Us
LIST OF TABLES
Table 1: Technology trends
Table 2: Macroeconomic trends
Table 3: Regulatory trends
Table 4: Industry trends
Table 5: Early studies are showcasing the road safety improvements generated by autonomous vehicles
Table 6: Deal trends
Table 7: Public companies
Table 8: Glossary
Table 9: GlobalData reports
LIST OF FIGURES
Figure 1: Who are the leading players in the autonomous vehicles theme, and where do they sit in the value chain?
Figure 2: The five levels of autonomy for self-driving cars
Figure 3: Typical suite of sensors required for self-driving cars
Figure 4: The global motor insurance market is set to eclipse $1 trillion in GWP by 2027
Figure 5: The US motor insurance market could decline by around 40% due to the growth of autonomous vehicles
Figure 6: Accidental and property damage claims are not the most significant claims costs to UK motor insurers
Figure 7: UK cars have many more technological features than they did five years ago
Figure 8: ADAS is adding significant costs to repairs already
Figure 9: Cybersecurity challenges facing OEMS are numerous
Figure 10: Vehicle theft is on the rise in the UK due to poor security of keyless entry and start systems
Figure 11: UNECE Regulation 155 will be introduced in specific regions over the next three years
Figure 12: Insurers are heavily involved in the trials of autonomous vehicles
Figure 13: Cruise’s autonomous vehicles are involved in fewer collisions than human drivers
Figure 14: The autonomous vehicles in insurance story
Figure 15: Patents on the autonomous vehicles in insurance theme declined slightly in Q1 2024
Figure 16: The autonomous vehicles value chain
Figure 17: The autonomous vehicles value chain: hardware
Figure 18: The autonomous vehicle value chain: software
Figure 19: The autonomous vehicle value chain: services
Figure 20: Who does what in the non-life insurance space?
Figure 21: Thematci screen
Figure 22: Valuation screen
Figure 23: Risk screen
Figure 24: Our five-step approach for generating a sector scorecard

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