Bank of England Ties Car-Insurance Drop to Rise of Autonomous Vehicles

Newswire

LONDON, March 17 (Reuters) - The British motor insurance market will shrink by 21 percent by 2040 due to the introduction of self-driving cars, the Bank of England said in a report on Friday. Self-driving vehicles will account for 80 percent of new sales by 2040, the central bank said in its quarterly bulletin, based on a survey of technology and insurance specialists. The change would lead to "a reduction in claims frequency as safer automonous vehicles make up an increasing ...

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