Bank of America Says Autonomous Vehicles Can Boost Insurers’ Profitability

Bank of America Says Autonomous Vehicles Can Boost Insurers’ Profitability

The shift to autonomous vehicles represents a great unknown for the auto insurance industry, but to analysts at Bank of America Corp. it will be a potential goldmine.

Autonomous vehicles could boost insurers' profits, BofA says

On the Dash: Autonomous vehicles could shift liability to automakers, boosting insurer profitability. Rising accident severity may limit cost savings from self-driving technology. The $400 billion U.S. auto insurance market is likely to be reconfigured by autonomous cars. Self-driving vehicles could significantly reshape the U.S. auto insurance market, according to analysts at Bank of America Corp., which sees potential for higher profitability…