By Jim Harris
A staggering 93% of car accidents are due to driver error. So think about the 40,000 lives that will be saved in North America every year in 2025 when all new cars are autonomous vehicles – self driving cars.
Think of the 4.4 million people who won’t be injured in North America annually, the HUGE reduction in trauma for families and the billions of dollars of savings in health care costs. That’s the GREAT news.
The bad news is that if you’re an insurance agent selling auto insurance, you’ll witness the evaporation of the $500 billion a year auto insurance market. If you’re in auto insurance you had better be planning to find a new $500 billion a year market for premiums to replace it. (Thankfully the cyber risk market will grow to that level in the same time frame. But currently only 10-15% of brokers are comfortable in writing policies in this new field.)
