Insurance

Over the last few weeks, numerous articles and blogs have been written on the insurance industry’s perception of and preparation for the arrival of autonomous vehicles.

While some insurers may be sleeping at the wheel, others are planning for the new mobility space. USAA, for example, has led the latest round of funding for Automatic Labs, a connected car technology company.

Numerous articles were focused on the recent “hacking” of a Jeep. Automakers from around the world have created the Crash Avoidance Metrics Partnership Consortium (CAMP) that has already invested 11 years researching and testing security approaches. This underlines the cyber insurance opportunity for insurers in the mobility space.  The cyber insurance market is expected to reach $10 billion by 2020. As a side note, the Canadian government announced $237 million in cybersecurity funding over the next 5 years.

Google’s intentions regarding Google Compare are unclear. While the company’s activities in the insurance space generate revenue, one can only speculate that

these activities are intended to provide insights that will eventually support Google’s driverless vehicle efforts.

According to a new poll from Forbes, almost 8 out of 10 drivers “affiliated with ridesharing companies like Uber or Lyft choose not to disclose their activities to their insurance agent or carrier”.  Could the same statistics apply in Canada?

After offering ridesharing coverage in Georgia, Virginia, Maryland and Texas earlier this year, GEICO is expanding its offering to Pennsylvania.

Munich Re and Comet have engaged in a feasibility study focused on autonomous vehicle data and market developments.

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