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Driverless Technologies and Their Effects on Insurers and the State: An Initial Assessment

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  • Martin F. Grace
  • Juliann Ping

Abstract

This article explores the impacts of new auto technologies and their financial effects on insurance markets, a set of complementary services, and state revenues. We use data from the National Association of Insurance Commissioners, the National Highway Traffic Safety Administration's Fatality Analysis Reporting System, the Bureau of Justice Statistics, and the Census Bureau to create a data set that links industry and state finance variables to a set of variables related to driving. Our purpose in this initial assessment is to estimate the sensitivity of these financial variables to different indices of driving including the number of drivers, the number of cars licensed per year, and the number of vehicle miles driven. The resulting estimates are used to create elasticities to show how sensitive each is to changes brought about by the new technologies.

Suggested Citation

  • Martin F. Grace & Juliann Ping, 2018. "Driverless Technologies and Their Effects on Insurers and the State: An Initial Assessment," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 21(3), pages 413-433, December.
    • Handle: RePEc:bla:rmgtin:v:21:y:2018:i:3:p:413-433
    DOI: 10.1111/rmir.12110
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    References listed on IDEAS

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    1. Lawrence D. Burns, 2013. "A vision of our transport future," Nature, Nature, vol. 497(7448), pages 181-182, May.
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    Cited by:

    1. Courtney B. Baggett & Cassandra R. Cole & George Crowley & E. Tice Sirmans, 2020. "Spillover effects of increased health insurance enrollment on workers’ compensation insurance," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 23(1), pages 53-74, March.
    2. Darren Shannon & Tim Jannusch & Florian David‐Spickermann & Martin Mullins & Martin Cunneen & Finbarr Murphy, 2021. "Connected and autonomous vehicle injury loss events: Potential risk and actuarial considerations for primary insurers," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 24(1), pages 5-35, March.

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