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Self-Driving Cars Could Cut U.S. Insurance Premiums 40%
Auto insurance premiums in the U.S. may drop 20% by 2035 as autonomous vehicles become popular, predicts insurance broker Aon plc.
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Auto insurance premiums in the U.S. may drop 20% by 2035 as autonomous vehicles become popular, predicts insurance broker Aon plc.
The London-based company tells reporters that prices could plunge 40% by 2050, assuming full deployment of self-driving vehicles by then. Paul Mang, who heads analytics at Aon, says the spread of autonomous driving “clearly moves the mix" of future vehicle insurance to fleet products and commercial lines.
The world’s largest reinsurer, Munich Re, predicts rates may fall sooner and by a larger proportion. Bloomberg News reports that Stefan Schulz, the firm’s global head of motor and property consulting, expects auto insurance premiums will drop 25% by 2030.
Aon figures worldwide insurance premium payments totaled $5.1 trillion in 2015. Auto insurance represents nearly half that total. Mang anticipates a shift in the focus of automotive coverage from personal injury and property damage to such perils as hacker attacks and technology glitches.
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