CNBC reports predictions from about half a decade ago that people by now would have the option of owning or hailing autonomous vehicles, and thus have no need for auto insurance, have not borne out. Instead, insurance companies are “embracing” new safety technology and big data. As CFRA Research analyst Cathy Seifert says, “A few years ago there was almost an alarmist mindset. Then there were high-profile accidents with autonomous vehicles, and naysayers were like, ‘I told you so.’ Now we’re not so much preparing for fully [autonomous personal cars and SUVs]. What I do see coming faster is adoption in corporate or commercial vehicles.” With autonomous vehicles likely a decade or more away and cars increasingly loaded up with safety technology, the story reports the adoption rate of “some of the new technology” is not yet high enough “to cut accident rates meaningfully,” which is partly “why auto accidents haven’t dropped much, and neither have insurance claims.”
From the news release of the American Association for Justice.
