Chris Moore, Head of the Apollo ibott 1971 insurance syndicate, emphasizes the need for the insurance industry to adapt to the rise of autonomous vehicles. With the potential for autonomous driving to generate revenues of $300-400 billion by 2035, the insurance market must prepare for significant changes.
While current vehicles already incorporate autonomous technology to some extent, the future will bring complete automation, starting with industrial applications and eventually leading to fully autonomous robotaxis. This transformation will impact various insurance sectors, including marine, aviation, transportation, industry, mining, construction, and agriculture.
Moore sees automation as a major insurance opportunity but notes the lack of innovation and tailored insurance products for autonomous vehicles. At Apollo ibott 1971, the goal is to develop insurance solutions that can effectively support the growth of the autonomous vehicle industry and unlock its potential benefits. The challenge lies in creating insurance products that are truly fit for purpose in this evolving landscape.
