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Broker: Self-Driving Cars to Cut US Insurance Premiums by 40%

Insurers are trying to assess the impact of automation on their biggest non-life insurance market as carmakers embrace the technology.

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Bloomberg reported that premiums for U.S. auto insurers may drop more than 40 percent once the use of automated vehicles has been fully adopted by 2050 and driving becomes safer, according to insurance broker Aon Plc.

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Insurers are trying to assess the impact of automation on their biggest non-life insurance market as carmakers from Tesla Motors Inc. to Daimler AG and Volvo AB embrace the technology. Personal auto insurance accounts for 47 percent of global premiums, according to Plc.

The broker said that U.S. motor premiums could drop 20 percent from last year’s level by 2035.

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