Insurers must adapt to driverless cars
Friday, 03 10 2017, Category: Technology, Country: World
Ratings agency Fitch said driverless cars will revolutionise motor insurance and insurers who fail to adapt to the technology will fade away.
According to the ratings agency, the potential widespread adoption of autonomous vehicles will completely transform the motor insurance sector in the long term as liability shifts towards manufacturers while the traditional risk pool shrinks.
“Insurers will be forced to diversify in search of other profit sources and some of those that fail to adapt will disappear,” Fitch said in a news release.
Source: Insurance Business