Nearly three quarters of insurers (74 percent) feel they are unprepared for autonomous vehicles today. In addition, more than half of respondents (55 percent) believe that regulators will impede the adoption of autonomous vehicles, which may help to explain why they anticipate a more distant effect on their business.
Yet in surveying senior U.S. insurance executive whose companies, in aggregate, account for almost $85 billion in personal and commercial auto premium, 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. In fact, 84 percent of executives don’t expect autonomous vehicles to have a significant impact on their business until 2025, while 42 percent expect a significant impact in six to 10 years.
