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Connected and autonomous vehicle injury loss events: potential risk and actuarial considerations for primary insurers

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dc.contributor.author Shannon, Darren
dc.contributor.author Jannusch, Tim
dc.contributor.author Spickermann, Florian
dc.contributor.author Mullins, Martin
dc.contributor.author Cunneen, Martin
dc.contributor.author Murphy, Finbarr
dc.date.accessioned 2021-03-09T15:29:40Z
dc.date.issued 2021
dc.identifier.uri http://hdl.handle.net/10344/9863
dc.description peer-reviewed en_US
dc.description The published copy of this article was made available in ULIR on the 17/05/2021
dc.description.abstract The introduction of connected and autonomous vehicles (CAVs) to the road transport ecosystem will change the manner of collisions. CAVs are expected to optimize the safety of road users and the wider environment, while alleviating traffic congestion and maximizing occupant comfort. The net result is a reduction in the frequency of motor vehicle collisions, and a reduction in the number of injuries currently seen as “preventable.” A changing risk ecosystem will introduce new challenges and opportunities for primary insurers. Prior studies have highlighted the economic benefit provided by reductions in the frequency of hazardous events. This economic benefit, however, will be offset by the economic detriment incurred by emerging risks and the increased scrutiny placed on existing risks. We posit four plausible scenarios detailing how an introduction of these technologies could result in a larger relative rate of injury claims currently characterized as tail‐risk events. In such a scenario, the culmination of these losses will present as a second “hump” in actuarial loss models. We discuss how CAV risk factors and traffic dynamics may combine to make a second “hump” a plausible reality, and discuss a number of opportunities that may arise for primary insurers from a changing road environment. en_US
dc.language.iso eng en_US
dc.publisher Wiley and Sons Ltd en_US
dc.relation.ispartofseries Risk Management and Insurance Review; 24 (1), pp. 5-35
dc.relation.uri https://doi.org/10.1111/rmir.12168
dc.rights This is the peer reviewed author version of the following article: Connected and autonomous vehicle injury loss events: potential risk and actuarial considerations for primary insurers, Risk Management and Insurance Review 2021 which has been published in final form at https://doi.org/10.1111/rmir.12168. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving. http://olabout.wiley.com/WileyCDA/Section/id-828039.html#terms en_US
dc.subject autonomous Vehicles en_US
dc.subject actuarial Models en_US
dc.subject injury Claims en_US
dc.subject liability Risk en_US
dc.subject anticipatory regulation en_US
dc.title Connected and autonomous vehicle injury loss events: potential risk and actuarial considerations for primary insurers en_US
dc.type info:eu-repo/semantics/article en_US
dc.type.supercollection all_ul_research en_US
dc.type.supercollection ul_published_reviewed en_US
dc.identifier.doi 10.1111/rmir.12168
dc.date.embargoEndDate 2022-03-09
dc.embargo.terms 2022-03-09 en_US
dc.rights.accessrights info:eu-repo/semantics/openAccess en_US
dc.internal.rssid 2993137


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