The Motor Insurance market is rapidly changing on its very own axis. There are ambitious plans to roll out autonomous cars on the streets across the world, with pilot tests already on-going in the US & Singapore.
So what becomes of motor insurance, which is more than half the premium pie in most markets? Will driverless cars change the very basis of motor insurance? Who or what is underwritten in the motor? Will the pie shrink?
Aon has predicted that premiums for the US auto insurers may drop more than 40% once autonomous cars become the norm. Though the infrastructure varies from state to state across Asia, how governments and insurers in this region react and brace themselves for this disruption remains to be seen. Disruption is the norm and the motor insurance world as we know today must change.
Ride-hailing and ride-sharing are becoming more popular options for consumers. Usage-based insurance (UBI) is becoming more relevant as more drivers are needed to meet the increasing demand. Will there be more cars or less? Who must be insured?
Will the roads be safer as car manufacturers are implementing telematics as part of their public policy in promoting safe driving and to advise drivers on their driving behaviours? More importantly, in the event of an accident, can disputes be resolved with the support of data?
This year’s Conference will bring experts from across the industry to discuss the future of motor insurance, how it will evolve and the critical issues which need to be tackled to ensure that the industry is prepared for what is to come tomorrow and the perennial challenge of underwriting motor profitably.
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