Autonomous Vehicles vs. Bad Drivers…


This post is by ontheflyingbridge from On the Flying Bridge


According to the National Highway Traffic Safety Administration there were just over 6.1 million traffic accidents in the U.S. in 2022, of which 42.8k were fatal. These accidents led to 2.1 million emergency room visits. Globally, the World Health Organization estimates that 1.35 million people are killed on roadways each year, which is approximately 3.7k people every day, making this the leading cause of death for those aged between 5 – 29 years old, and the eighth leading cause of death overall. In 2019, the Lancet tallied the global costs associated with traffic injuries to be $1.8 trillion or 0.12% of global GDP. With nearly 17k traffic accidents every day in the U.S., the odds that you will be in an accident are estimated to be one in 366 for every 1,000 miles driven according to data from Esurance. In 2018, the Centers for Disease Control and Prevention (CDC) concluded that traffic deaths caused $55 billion in medical and work loss costs. While there is a debate about the overall benefits (and risks) of autonomous vehicles (AV), it is the potential for meaningful improvement in medical costs and outcomes that the excitement for AVs is building. Ironically, the New York Times last week published research revealing the extent to which “smart cars” are disclosing driver behavior data to insurance companies which is causing unexpected changes to premiums as actual drivers’ risks are better understood. First, a sense of what is coming. The AV market is simply exploding. According to Market.US (Read more…)