fbpx
Monday, 09 November 2020 23:39

2020 Autonomous Vehicle Market Update

Written by Elana Ashanti Jefferson, PropertyCasualty360
Click to enlarge. In 2020, safety concerns and regulatory hurdles are putting the brakes on the mainstream adoption of autonomous vehicles. Click to enlarge. In 2020, safety concerns and regulatory hurdles are putting the brakes on the mainstream adoption of autonomous vehicles. Illustration by Shaw Nielsen from the November 2020 issue of NU Property & Casualty magazine

Index

A few years back, automotive technologists such as Tesla CEO Elon Musk were downright boastful about the speedy timeline in which they anticipated bringing fully autonomous vehicles to the mainstream marketplace.

Today, in light of serious safety concerns and myriad social and regulatory roadblocks, driverless-car adoption appears to be progressing at a slower pace.

 

“There was a sense, maybe a year or two ago, that algorithms were so good, we’re ready to launch at any minute,” U.C. Berkeley Electrical Engineering and Computer Sciences Professor Avideh Zakhor told CNBC in late 2019. “Obviously, there’s been these setbacks with people getting killed or accidents happening, and now we’re a lot more cautious.”

 

That should be welcome news for the insurance industry, which has long been anticipating economic disruption from the rise of driverless vehicles.

 

Scheduling setbacks

 

CNBC reported recently that Tesla’s self-driving cars are taking longer than expected to build and release. This is after Musk told his investors in 2019 the company would have 1 million self-driving vehicles on the roads by now.

 

But Musk’s dream continues to face delays. The “technology is coming to cars, and insurance, much more gradually,” CNBC reported, adding that insurers such as Allstate, Progressive and GEICO are taking a measured approach to covering such vehicles as the auto industry becomes ever more cautious about how far to push its autonomous-vehicle equipment as well as how much information to share with the public.

 

Some analysts argue that regulatory and legal hurdles are holding up the commoditization of autonomous vehicles...


Previous Page Continue reading »

Read 610 times