Autonomous Driving - The Opportunities and Obstacles Ahead

 

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Abstract

 
Timetric's 'Industry Insight: Autonomous Driving - The Benefits and Hurdles Ahead' report analyzes the challenges, innovations, market environment and regulatory developments in the automated vehicles industry, and government commitment to the industry, with a particular focus on the UK.

The UK automotive sector is one of the most efficient and productive manufacturing industries in Europe, and the sector has undergone significant growth since the recession. The development of driverless cars is expected to play a vital role in the UK's economic future, and the government has estimated that the autonomous vehicle market could be worth aroundGBP900 billion (US$1.1 trillion) worldwide by 2025.

The report also reviews industry concerns, particularly the views of industry association bodies and insurers, to understand their plans and expected changes to their business models and processes, including projected product types, claims-handling processes and market collaborations with other industries such as motor manufacturers.
 

Description

Timetric's 'Industry Insight: Autonomous Driving - The Benefits and Hurdles Ahead' report analyzes the developing driverless vehicle industry to provide:

o An overview of the markets in terms of the opportunities and product line expansion for insurers and reinsurers

o Regulatory developments, including current regulations and those under development, consultation and government study

o The impact of the industry on cyberinsurance, especially in terms of product innovation and demand for cyberinsurance and cyber-reinsurance

o Understanding of the current views and expectations of the industry from the perspectives of insurers and insurance associations, policymakers and motor manufacturers
 

Report Source Information

Supplied by: Research and Experts 
Date Published: 2017-05-31 

Report: Autonomous Driving - The Opportunities and Obstacles Ahead

 

Contents

1 Executive Summary
2 The State of the UK Motor Insurance Industry
3 UK Self-Driving Industry Transformation
4 Stimuli for Autonomous Vehicles
5 UK Government and Autonomous Vehicles Espousal
6 AV Technology and Liability
7 Industry Concern
8 Full Automation Adoption and the Future for Insurance
9 Industry View and Insurers' Actions
10 Insurer and Manufacturer Collaboration
11 Future Expectations
12 Definitions and Methodology
12.1 Definitions
12.2 Methodology
13 About Timetric
13.1 Contact Timetric
13.2 About Timetric
13.3 Timetric's Services
13.4 Disclaimer
 

List of Tables

Table 1: Insurance Industry Definitions 

List of Figures

Figure 1: UK Motor Insurance - Direct Written Premium and Paid Claims (GBP Billion), 2011-2020
Figure 2: New Registered Cars with Autonomous Systems (Thousand), 2017
Figure 3: Consumer Preference for Self-Driving Vehicles (%), 2014-2017
Figure 4: Motor Vehicle Traffic - Great Britain (%), 2007-2017
Figure 5: Percentage of Consumers That See AVs Unsafe (%), 2016
 

Scope

This report provides

o Market views of the UK government's actions and plans

o The views, concerns and expectations of motor manufacturers and insurers

o Description of ongoing product innovations, trials and expected launch dates

 

Highlights

o The motor industry is investing heavily in self-driving technology. According to data from the Society of Motor Manufacturers & Traders (SMMT) and JATO Dynamics, 30.7% of new cars registered in 2015 were fitted with safety-enhancing collision-warning systems as standard, with the technology offered as an option on an additional 27.4% of cars.

o In February 2017, Nissan trialed a self-driving version of its Leaf model in London. The test was completed successfully without any incident without a crash. The AV version of the Leaf had a virtual map, twelve cameras, five radars and four lasers. The trial introduced members of the public to the reality of the future, citing a reduction in accidents, traffic, emissions, road rage and bills as likely outcomes.

o Volvo announced plans to introduce a fleet of driverless XC90s to London in 2017 and at least 100 such vehicles on Britain's streets by 2018. According to Volvo, the scheme will be used to collect data on self-driving in a city environment. The real-world information will be used to determine how to progress with technology.

o The Data from the Society of Motor Manufacturers & Traders (SMMT), the annual turnover of the UK automotive industry increased to a record GBP71.6 billion (US$89 billion) in 2015. For the same year, Timetric's Insurance Intelligence Center [IIC] estimates the total direct premium written by the insurance industry for the same year at GBP15.5 billion, (US$20.8 billion).

o The recent data from the UK Association of British Insurers (ABI), revealed that UK motor insurance premiums reached their highest recorded levels in the fourth quarter of 2016 (Q4 2016), rising more than five times the rate of inflation. The rate of premium increase was attributed to successive rises in insurance premium tax (IPT), higher repair costs, and the rising costs of whiplash injury claims.

o The outcome of the UK's government consultation into driverless vehicles and adoption identified that although the UK legal and regulatory framework is not a barrier to the testing of AVs on public roads, the incumbent laws governing data privacy, road traffic laws and patent licensing make the facilitation of AV adoption problematic. The report alsoset out the UK government plans to introduce a single insurer model for driverless and conventional cars, and identified 2018 as the preferred date to amend road traffic legislation to take AVs into consideration.

 

Classification

Language Code: EN 
Region: United Kingdom 
Report Type: Industry Report 
Industry: Service Industries 
Sector: Insurance 
Pages: 32 

Companies Featured

Admiral Group Plc Aviva Plc Direct Line Insurance Group Plc Nissan Roborace Volvo Moovel Car2Go

 

Reasons to buy this report

o Learn about market views and expectations of the industry from various perspectives

o Be informed of the UK's government role in the development of autonomous vehicles

o Gain an understanding of the driverless vehicles sector, and the market opportunities available to insurers and reinsurers

o Develop an insight into current and expected regulatory changes concerning claims and liabilities, and their effects on product underwriting
 

Autonomous Driving - The Opportunities and Obstacles Ahead

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Regional Information

Taxonomy

Branch ID: 1408

Taxonomy Location

The taxonomy on the left shows the ancestors of the United Kingdom node. This provides an insight into parent categories that may provide reports or articles that may compliment this report. The number in brackets after the node name indicates the number of reports that Research and Experts currently have in the parent category.

Clicking on a parent category will present the list of reports in the parent node in a separate window.

United Kingdom

The UK economy is the second largest in the eurozone. Almost every industrial sector is well established in the UK and those worth mentioning include Aerospace, Agriculture, Automotive, Business and professional services, Chemicals, Construction, Consumer goods, Defence equipment, Education, Electronics, Energy, Entertainment, Financial services, Food and beverages, Healthcare, Hospitality and leisure, Industrial equipment, Information technology, Media, Pharmaceuticals and biotechnology, Processed metals, Real estate, Retailing, Scientific equipment, Telecommunications, Tourism, Transportation and logistics, Utilities.

The UK is emerging from recession in the Eurozone with growth in manufacturing and construction. The National Institute for Economic and Social Research is predicting growth of 2.5% in 2014 and 2.1% in 2015. Some economists predict that growth could reach 3% if inflation is properly managed. Unemployment is expected to fall to 6.5 -7% in 2014. Interest rates will remain low and inflation should remain around 2%.

Growth in 2013 was helped by a boost in consumer spending but that will not continue without an increase in wages and a higher debt-to-income ratio in the future.

The manufacturing and construction sectors are still not as strong as they should be and further investments in these sectors is required. 

One of the issues that businesses in the UK are keen to address is productivity and many companies are holding off on hiring and pay increases until this issue is tackled. 

David Cameron is keen to push more 'reshoring' of jobs in the manufacturing sector and 2013 saw over 1,500 jobs return to the UK in the automobile, clothing, manufacturing and other industries. The provision of cheaper energy including nuclear and 'shale gas' is seen as paramount to increased job creation.

Other challenges in the British economy include an aging population, youth unemployment, an inflexible labour market and competing with the US on energy costs. The US has the advantage of shale gas which is three times cheaper than British gas.

In an effort to increase competitiveness the conservative government is investing £375billion in energy, transport, communications and water over the next 5 years. This will be matched by £25billion from the insurance industry. Taxes have been cut and welfare has undergone reform. There are generous tax incentives for investors in start-up companies. All these efforts should go a long way towards driving growth in the UK.

Researchandexperts.com is a  leading source of market research on the UK.

Useful Links

World Bank Overview of the United Kingdom

CIA World Factbook on UK

National Institute for Economic and Social Research (UK)

UK Trade and Investment

United Kingdom

British Islands

Region

 

Europe

Fifty six sovereign states are listed with territory in Europe (six have limited rocognition). The 50 soverign states of Europe are Albania, Andorra, Armenia, Austria, Azerbaijan, Belarus, Belgium, Bosnia & Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark,  Estonia,  Finland, France, Georgia, Germany, Greece, Hungary, Iceland, Ireland, Italy, Kosovo, Latvia, Lithuania, Luxembourg, Macedonia, Malta, Moldova, Monaco, Montenegro, The Netherlands, Norway, Poland, Portugal, Romania, Russia, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, Ukraine, United Kingdom, Vatican City (Holy See).

The leading economies of Europe are Germany, France, UK, Italy and Russia.
 
Research and Experts, the market intelligence platform, provides companies with access to the latest leading industry reports covering the European region. Our company reports contain the following information; company overviews, key facts, key employees, products and services, as well as financial ratios. Our industry reports are vital sources of detailed historic and forecast values for markets in Europe, segmented at category level. Research and Experts reports also provide regional analysis and analysis of the leading companies in key European markets. 

Europe

Country

Countries

 

Industry Sector Information

Taxonomy

Branch ID: 381

Taxonomy Location

The taxonomy on the left shows the ancestors of the Insurance node. This provides an insight into parent categories that may provide reports or articles that may compliment this report. The number in brackets after the node name indicates the number of reports that Research and Experts currently have in the parent category.

Clicking on a parent category will present the list of reports in the parent node in a separate window.

Insurance

The insurance industry is facing many challenges in todays environment. Insurance companies need to adapt to the latest legislation and regulations which are slowing growth in many regions, manage high costs of doing business and identify new growth markets. 

Research and Experts provide companies with the information and analysis they need to grow their business. Our reports provide information on the industry on a global level and also at a regional and country level.

 

Industry Associations

Global Federation of Insurance Associations

American Insurance Association

British Insurance Brokers Association

 

Financial Services

Financial services are the services provided by the finance industry and include banking services, insurance services, real estate services and investment services. Since the recession began in 2008/09 banking services in many European countries and the US  have been a drag on the financial services sector due to non-performing loans. Financial services is set for a strong year in 2014 as the economy improves. The US is bullish about increasing loans, more mergers, acquisitions and IPO's and higher commodity prices which will all benefit this sector. 

Research and Experts provide a range of reports on the financial services sector with information on leading companies, best trading partners, best performing companies, market size etc.

Useful Links

The Fiancial Services Authority (UK)

The British Banking Association

The International Banking Federation

American Bankers Association

European Banking Federation

Financial Services

Service Industries

Our Service Industries reports cover the areas of Business Services, Financial Services, Tourism and Leisure, Consumer Services and the Public Sector. A strong services sector is an indicator of a well developed economy. Examples of economies with a strong services sector include US, UK, Luxembourg, Switzerland and Australia.

Researchandexperts.com is a reliable source of business intelligence reports from leading publishers on the service sector economy. Industries covered by us include IT services, banking, insurance, travel, media services etc. 

Companies in the services sector require competitive intelligence which will give them keen insights into market size, best trading partners, financial analysis and company rankings. A recent report by Plimsoll on the advertising industry reviewed 500 of the largest agents in this sector. ARENA BLM LIMITED was identified as being among the fastest growing companies while  UNIVERSAL MCCANN GMBH was selected as a best trading partner.    

Service Industries

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Industries

 

 

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