The digital age has brought change and disruption to almost every aspect of the world we know. U.S. car insurance statistics demonstrate that even old-style businesses are not immune. Since its inception in 1930 when the UK was the world’s first country to make vehicle insurance policies compulsory, the auto insurance industry has never faced the major challenges and rapid evolution that confront it today. Autonomous vehicles, ridesharing services, Internet-connected cars, and other emerging technologies are rapidly changing the game.
With big challenges come major opportunities for those willing to adapt. Car insurance companies will increasingly be pushed to innovate in the next decade, or they face a great risk of being left behind.
To paint a clearer picture of the changing landscape of the automobile insurance industry, we have compiled this list of interesting and significant data points.