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Insurance Business | 21 Sep 2016, 09:00 AM Agree 0
Billions of dollars in insurance premiums is at risk of being wiped out as driverless cars bring disruption to a host of industries, one industry expert warns
  • Peter | 21 Sep 2016, 10:43 AM Agree 0
    We should see billions of $$ in cyber insurance though
  • Barry | 21 Sep 2016, 11:21 AM Agree 0
    Swings and roundabouts, eh Peter?
  • The West Australian Perspective | 21 Sep 2016, 01:13 PM Agree 0
    The technology at present is best described as "flawed" and yet everyone want's to make out that this is going to happen tomorrow. Insurers need not panic, as you will still need to insure your asset for damage not involving a vehicle, i.e. parked in the drive way and a hail storm comes along!! Don't we all have short memories.
    As for Volvo stating they will pay for any incidents involving driverless cars on their technology, since when did they suddenly find unlimited capital reserves to pay for this when it occurs and it will.
    In addition there are presently estimated to be 16 million cars/light vehicles in Australia alone and I am not sure where we are all going to find the necessary $350B plus of funds needed to replace all of our existing vehicles.
    Whilst the future will happen, insurers need not get completely sucked into the conversation about a new technology to the extent that it distracts them from the job of underwriting their other insurance products, which make up more than 80% of their business.
    People selling driverless cars/technology have an agenda like everyone else and that's to make a sale.
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