Driverless Cars: Insurers Cannot be Asleep at the Wheel

Friday, 22 November 2024

Driverless Cars: Insurers Cannot be Asleep at the Wheel

Added: 03.07.2015 3:15 | 7 views | 0 comments

In 2020 Google plans to launch a self-driving car which has already driven nearly one million miles without causing an accident; it doesnt get tired and irritable, swerve into lamp posts or require a driving test. The in-built chauffeur comes in the form of a rotating LIDAR laser taking 1.3 million recordings per second, and its a better driver than you. By eliminating the element of human blunders, driverless cars are forecast to reduce motor accidents by up to 90% in the US according to McKinsey. That might imply a substantial impact on the insurance industry, with liability potentially shifting to car manufacturers. Such developments would pose challenging questions for the PRA in regulating UK insurance firms.