Gig Economy and Self-Driving Cars Pose Insurance Challenges and Underwriting Opportunities, Business and Industry Trends Analysis

  Transportation industry analysts believe that, over the mid- to long-term, more and more consumers will forgo car ownership in favor of ride-hailing services (such as Uber, Didi and Lyft) and car sharing services (such as ZipCar).  This has profound implications for the future of the automobile insurance industry, in the same way that it will deeply affect the automobile manufacturing sector.  Consumers are expected to switch, to a large extent, to “mobility services” (that include a number of ride service options) from traditional car ownership.  Consequently, insurers are scrambling to devise policy options that cover drivers (or riders, which…

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