Insurtech Magazine July 2023 | Page 64

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Moore believes that mistrust in autonomous vehicles is often misplaced , especially given most people are happy to fly in a plane or travel on a ferry while it ’ s in autopilot mode . “ We trust autonomy in so many areas of our lives , including aviation and marine , but as soon as you start talking about autonomous vehicles people recoil ,” he says .
In part , this is informed by distant memories of sci-fi catastrophe movies . It ’ s also a result of headline reporting , where a single AV crash will make front-page news but a million safe AV rides will not . “ I would absolutely get into an autonomous vehicle ,” Moore says . “ I might even feel a lot safer in it .”
What is the size of the AV market opportunity ? According to McKinsey , autonomous driving could create revenues of US $ 300-400bn by 2035 . Most new cars already feature some sort of autonomous technology , allowing drivers to maintain a constant speed or helping to switch between lanes , usually on highway or motorway networks . In future , this technology will enable
64 July 2023