What would be the protection gap in Motor Insurance for future

Motor insurance, protection gap, autonomus vehicles, liability, balkir demirkan, gsr, gsr2, vehicles type approval

1. What would be the protection gap in Motor Insurance for future ? BALKIR DEMİRKAN - RAY SİGORTA

2. Protection GAP : Increased Number of Vehicles - Vehicle Owners vs Drivers - Due to global inflation trend, the more mobility sharing and more cheap vehicle sales like motorcycle and Chineese cars , - The smaller vehicles , less impacted material damages , more BI, - More vehicle sharing , more drivers responsibility rather than vehicle owners , - As more people in emerging markets gain access to vehicles , the number of uninsured drivers is likely to rise . What would need to do for the GAP : - Obligatory New type of insurance products , (mobile, blockchain ) - More regulation on small size vehicles and / or mobility vehicles for crash protection , - Hit and run schemes would be empowered and more extended , - More traffic controls , more educations , more protection assets , - More public transportation averness ,

3. Financial Protection GAP: Loss of Value, Legal Costs , Repair and Medical Costs - LEGAL COSTS : In the most of the countries , there is a trend that demands of the indirect losses , such as loss of value , courtesy car needs , other liability related elements . The lawyers strech the bounderies of motor policies coverage limits . - SOCIAL AND ECONOMIC INFLATION : The cost of vehicle repairs and medical expenses is increasing , which can outpace the growth of insurance coverage . - NEW CLAIMS REASONS : New type of BI claims like burning due to battery fire, high technology and high voltage impact on drivers and passangers , more fatal cases due to small and cheap ( unprotected vehicles ), - POST COVID INFLATION : Cost of medical treatments , and high medical inflation . - MORE VEHICLES BUT LIMITED REPAIR NETWORK :High repair costs due to social inflation and economic inflation , - SOPHISTICATED VEHICLES : High repair costs due to more sophisticated vehicles , not enough workforce skills such for hybrid cars , high tech vehicles ( electric but amphipic or flying vehicles )

4. Technological Protection GAP : New Advancements : - The rise of autonomous vehicles and other new technologies introduces new risks and uncertainties . Insurers are working on innovative solutions to address these challenges , such as leveraging advanced data analytics and technology to improve risk assessment and pricing . However , bridging the protection gap will require collaborative efforts from insurers , governments , and other stakeholders . CYBER TREATS (Internet of Things ( IoT )) : Connected devices can provide real -time data for better risk management but increase the attack surface for cyber threats . NEW FRAUD TREATHS ( Blockchain ) : Blockchain technology can enhance transparency and reduce fraud , but its adoption requires regulatory clarity and infrastructure development . Drones : Drones can be used for damage assessment and claims processing , but their use raises regulatory and privacy issues . Advanced Data Analytics : Enhanced data analytics can lead to more personalized insurance products , but it also necessitates strong data protection measures . Climate Change Modeling : Improved climate models can help insurers better understand and price risks related to extreme weather events , but they require continuous updates and validation .

5. Technological Protection Gap : New Advancements The rise of autonomous vehicles and other new technologies introduces new risks and uncertainties . Insurers are working on innovative solutions to address these challenges , such as leveraging advanced data analytics and technology to improve risk assessment and pricing . However , bridging the protection gap will require collaborative efforts from insurers , governments , and other stakeholders . Autonomous Vehicles : The rise of self- driving cars introduces new risks and liabilities , requiring innovative insurance models . WHO IS LIABLE ? LEVEL 6 – AUTONOMUS VEHICLES – CONTROL ? OWNER OF THE DATA AND COLLECTION OF THE DATA SENSOR AND VEHICLE INFRASTRUCTURE PROBLEMS DATA AND LOG READING PROFESSION NEW TYPE OF ADJUSTERS FRAMEWORK AND OR O/S FAILURES CYBER ATT ACK PRODUCT LIABLITY

6. Technological Advancements :

7. Technological Protection Gap : Autonomus Vehicles ( Turkiye Market)

8. Technological Protection Gap : Autonomus Vehicles ( Turkiye Market – GSR II)

9. Technological Protection Gap : Autonomus Vehicles ( Turkiye Market – Type Approval ) New Local Regulation for Type Approval Process of new arrival Autonomus Vehicles According to the regulation , Autonomous vehicles will be evaluated in three usage scenarios ; Fully autonomous vehicles designed and manufactured for the transport of people or goods in a designated area , including dual-mode vehicles ( capable of switching from manual driving mode to fully autonomous mode ). Fixed route : Fully autonomous vehicles designed and manufactured for the transportation of passengers or goods on a predetermined route with a fixed journey / voyage origin and destination , including dual-mode vehicles . Autonomous parking system : Dual- mode vehicles with fully autonomous driving mode for vehicle parking applications in certain parking facilities . The system may or may not use the external infrastructure of the parking facility ( Location beacons , detection sensors , and the like ) to perform the dynamic driving task .

10. Are we ready for future of Motor Insurance ?