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KPMG surveyed senior insurance executive whose companies, in aggregate, account for almost $85b in personal and commercial auto premiums. The aim of the survey was to understand how prepared they are for self driving cars.
KPMG found that few carriers have taken action—not due to doubts about the possible ramifications, but rather because they believe the potential impact is too distant in the future to begin preparing... Only 29 percent feel very knowledgeable about autonomous vehicles, and a small percentage (10 percent) have developed a strategic plan to deal with the impact. Insurers say that underwriting, product management, and claims will all require significant adjustment as autonomous vehicles enter the market. Insurers believe that there will be opportunities to develop different products to cover autonomous vehicles, which will also open the door for new competitors to enter the industry. At the same time, many anticipate increased consolidation among the traditional writers.
