IDEAS home Printed from https://ideas.repec.org/a/bla/rmgtin/v23y2020i1p31-51.html
   My bibliography  Save this article

The future of mobility and its impact on the automobile insurance industry

Author

Listed:
  • Nadine Gatzert
  • Katrin Osterrieder

Abstract

Among the trends impacting most industries are new mobility concepts, digitalization, urbanization, rising environmental awareness, and demographic change. The automobile insurance industry, in particular, is strongly affected by new mobility concepts, including autonomous, shared, and electric vehicles, which are expected to increasingly impact the risk exposure and insurance demand in the future. Identifying and assessing the resulting risk and opportunity landscape from these trends thus becomes a major strategic challenge for insurers. The aim of this paper is to analyze the trends that impact the field of mobility and thus automobile insurers. Based on this, we derive a set of strategic response measures for insurers to enable them to be prepared for the future of mobility.

Suggested Citation

  • Nadine Gatzert & Katrin Osterrieder, 2020. "The future of mobility and its impact on the automobile insurance industry," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 23(1), pages 31-51, March.
    • Handle: RePEc:bla:rmgtin:v:23:y:2020:i:1:p:31-51
    DOI: 10.1111/rmir.12140
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/rmir.12140
    Download Restriction: no
    File URL: https://libkey.io/10.1111/rmir.12140?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Dijk, Marc & Orsato, Renato J. & Kemp, René, 2013. "The emergence of an electric mobility trajectory," Energy Policy, Elsevier, vol. 52(C), pages 135-145.
    2. Egbue, Ona & Long, Suzanna, 2012. "Barriers to widespread adoption of electric vehicles: An analysis of consumer attitudes and perceptions," Energy Policy, Elsevier, vol. 48(C), pages 717-729.
    3. Shaheen, Susan A. & Meyn, Mollyanne & Wipyewski, Kamill, 2003. "U.S. Shared-use Vehicle Survey Findings: Opportunities and Obstacles for Carsharing and Station Car Growth," Institute of Transportation Studies, Research Reports, Working Papers, Proceedings qt69x684m2, Institute of Transportation Studies, UC Berkeley.
    4. Clewlow, Regina R. & Mishra, Gouri S., 2017. "Disruptive Transportation: The Adoption, Utilization, and Impacts of Ride-Hailing in the United States," Institute of Transportation Studies, Working Paper Series qt82w2z91j, Institute of Transportation Studies, UC Davis.
    5. Wu, Peng, 2019. "Which battery-charging technology and insurance contract is preferred in the electric vehicle sharing business?," Transportation Research Part A: Policy and Practice, Elsevier, vol. 124(C), pages 537-548.
    6. Marco Corazza & Florence Legros & Cira Perna & Marilena Sibillo, 2017. "Mathematical and Statistical Methods for Actuarial Sciences and Finance," Post-Print hal-01776135, HAL.
    7. Kim, Kyeongsu, 2015. "Can carsharing meet the mobility needs for the low-income neighborhoods? Lessons from carsharing usage patterns in New York City," Transportation Research Part A: Policy and Practice, Elsevier, vol. 77(C), pages 249-260.
    8. Daniel J. Fagnant & Kara M. Kockelman, 2018. "Dynamic ride-sharing and fleet sizing for a system of shared autonomous vehicles in Austin, Texas," Transportation, Springer, vol. 45(1), pages 143-158, January.
    9. Hensher, David A., 2017. "Future bus transport contracts under a mobility as a service (MaaS) regime in the digital age: Are they likely to change?," Transportation Research Part A: Policy and Practice, Elsevier, vol. 98(C), pages 86-96.
    10. Fleura Bardhi & Giana M. Eckhardt, 2012. "Access-Based Consumption: The Case of Car Sharing," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 39(4), pages 881-898.
    11. Martin, Elliot & Shaheen, Susan Alison & Lidicker, Jeffrey, 2010. "Carsharing’S Impact On Household Vehicle Holdings: Results From A North American Shared-Use Vehicle Survey," Institute of Transportation Studies, Research Reports, Working Papers, Proceedings qt0850h6r5, Institute of Transportation Studies, UC Berkeley.
    12. Klein, Nicholas J. & Smart, Michael J., 2017. "Millennials and car ownership: Less money, fewer cars," Transport Policy, Elsevier, vol. 53(C), pages 20-29.
    13. Shaheen, Susan A & Meyn, Mollyanne & Wipyewski, Kamill, 2003. "U.S. Shared-Use Vehicle Survey Findings: Opportunities and Obstacles for Carsharing and Station Car Growth," Institute of Transportation Studies, Research Reports, Working Papers, Proceedings qt4vq0g0xd, Institute of Transportation Studies, UC Berkeley.
    14. Carole Donada & Yannick Perez, 2016. "Editorial: Electromobility at the crossroads," Post-Print halshs-01980654, HAL.
    15. Tobias Kuhnimhof & Dirk Zumkeller & Bastian Chlond, 2013. "Who Made Peak Car, and How? A Breakdown of Trends over Four Decades in Four Countries," Transport Reviews, Taylor & Francis Journals, vol. 33(3), pages 325-342, May.
    16. Martin Eling & Martin Lehmann, 2018. "The Impact of Digitalization on the Insurance Value Chain and the Insurability of Risks," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 43(3), pages 359-396, July.
    17. Paul Fenton, 2016. "Sustainable mobility as Swiss cheese? – Exploring influences on urban transport strategy in Basel," Natural Resources Forum, Blackwell Publishing, vol. 40(4), pages 143-155, November.
    18. Lyons, Glenn & Davidson, Cody, 2016. "Guidance for transport planning and policymaking in the face of an uncertain future," Transportation Research Part A: Policy and Practice, Elsevier, vol. 88(C), pages 104-116.
    19. Martin, Elliot & Shaheen, Susan A & Lidicker, Jeffrey, 2010. "Impact of Carsharing on Household Vehicle Holdings: Resultsvfrom a North American Shared-Use Vehicle Survey," Institute of Transportation Studies, Research Reports, Working Papers, Proceedings qt3bn9n6pq, Institute of Transportation Studies, UC Berkeley.
    20. Tobias Kuhnimhof & Jimmy Armoogum & Ralph Buehler & Joyce Dargay & Jon Martin Denstadli & Toshiyuki Yamamoto, 2012. "Men Shape a Downward Trend in Car Use among Young Adults—Evidence from Six Industrialized Countries," Transport Reviews, Taylor & Francis Journals, vol. 32(6), pages 761-779, September.
    21. Fraedrich, Eva & Heinrichs, Dirk & Bahamonde-Birke, Francisco J. & Cyganski, Rita, 2019. "Autonomous driving, the built environment and policy implications," Transportation Research Part A: Policy and Practice, Elsevier, vol. 122(C), pages 162-172.
    22. Carole Donada & Yannick Perez, 2016. "Editorial: Electromobility at the crossroads," Post-Print hal-01424641, HAL.
    23. Martin, Elliot & Shaheen, Susan Alison & Lidicker, Jeffrey, 2010. "Carsharing’S Impact On Household Vehicle Holdings: Results From A North American Shared-Use Vehicle Survey," Institute of Transportation Studies, Working Paper Series qt0850h6r5, Institute of Transportation Studies, UC Davis.
    24. Vassileva, Iana & Campillo, Javier, 2017. "Adoption barriers for electric vehicles: Experiences from early adopters in Sweden," Energy, Elsevier, vol. 120(C), pages 632-641.
    25. Haustein, Sonja & Nielsen, Thomas A. Sick, 2016. "European mobility cultures: A survey-based cluster analysis across 28 European countries," Journal of Transport Geography, Elsevier, vol. 54(C), pages 173-180.
    26. Martin, Elliot & Shaheen, Susan, 2011. "The Impact of Carsharing on Household Vehicle Ownership," University of California Transportation Center, Working Papers qt7w58646d, University of California Transportation Center.
    27. Bergman, Noam & Schwanen, Tim & Sovacool, Benjamin K., 2017. "Imagined people, behaviour and future mobility: Insights from visions of electric vehicles and car clubs in the United Kingdom," Transport Policy, Elsevier, vol. 59(C), pages 165-173.
    28. Alexa Delbosc & Graham Currie, 2014. "Changing demographics and young adult driver license decline in Melbourne, Australia (1994–2009)," Transportation, Springer, vol. 41(3), pages 529-542, May.
    29. Sandra Krommes & Felix Schmidt, 2017. "Business model analysis of electric mobility products and services," International Journal of Automotive Technology and Management, Inderscience Enterprises Ltd, vol. 17(3), pages 316-338.
    30. Melia, Steve & Chatterjee, Kiron & Stokes, Gordon, 2018. "Is the urbanisation of young adults reducing their driving?," Transportation Research Part A: Policy and Practice, Elsevier, vol. 118(C), pages 444-456.
    31. Shaheen, Susan A & Cohen, Adam P, 2007. "Growth in Worldwide Carsharing: An International Comparison," Institute of Transportation Studies, Research Reports, Working Papers, Proceedings qt2zv240pp, Institute of Transportation Studies, UC Berkeley.
    32. Liselotte Maichel-Guggemoos & Joël Wagner, 2018. "Profitability and Growth in Motor Insurance Business: Empirical Evidence from Germany," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 43(1), pages 126-157, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. František Pollák & Josef Vodák & Jakub Soviar & Peter Markovič & Gianluca Lentini & Valerio Mazzeschi & Alessandro Luè, 2021. "Promotion of Electric Mobility in the European Union—Overview of Project PROMETEUS from the Perspective of Cohesion through Synergistic Cooperation on the Example of the Catching-Up Region," Sustainability, MDPI, vol. 13(3), pages 1-26, February.
    2. Christian Eckert & Christof Neunsinger & Katrin Osterrieder, 2022. "Managing customer satisfaction: digital applications for insurance companies," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 47(3), pages 569-602, July.
    3. Thomas Url, 2020. "Robust Growth in Non-life Insurance Secures 2019 Premium Growth in Private Insurance," WIFO Bulletin, WIFO, vol. 25(9), pages 75-86, November.
    4. D. V. Bryzgalov & A. A. Tsyganov, 2022. "Consumer Limitations on the Digitalization of the Insurance Market and Ways to Overcome Them," Studies on Russian Economic Development, Springer, vol. 33(5), pages 539-546, October.
    5. Darren Shannon & Tim Jannusch & Florian David‐Spickermann & Martin Mullins & Martin Cunneen & Finbarr Murphy, 2021. "Connected and autonomous vehicle injury loss events: Potential risk and actuarial considerations for primary insurers," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 24(1), pages 5-35, March.
    6. Roberto Ruggieri & Marco Ruggeri & Giuliana Vinci & Stefano Poponi, 2021. "Electric Mobility in a Smart City: European Overview," Energies, MDPI, vol. 14(2), pages 1-29, January.
    7. Thomas Url, 2020. "Robustes Wachstum der Nicht-Lebensversicherung sichert Privatversicherung 2019 Steigerung der Prämieneinnahmen," WIFO Monatsberichte (monthly reports), WIFO, vol. 93(9), pages 659-671, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Xiaowei Chen & Hongyu Zheng & Ze Wang & Xiqun Chen, 2021. "Exploring impacts of on-demand ridesplitting on mobility via real-world ridesourcing data and questionnaires," Transportation, Springer, vol. 48(4), pages 1541-1561, August.
    2. Yoon-Young Chun & Mitsutaka Matsumoto & Kiyotaka Tahara & Kenichiro Chinen & Hideki Endo, 2019. "Exploring Factors Affecting Car Sharing Use Intention in the Southeast-Asia Region: A Case Study in Java, Indonesia," Sustainability, MDPI, vol. 11(18), pages 1-26, September.
    3. Susan Shaheen & Nelson Chan & Helen Micheaux, 2015. "One-way carsharing’s evolution and operator perspectives from the Americas," Transportation, Springer, vol. 42(3), pages 519-536, May.
    4. Shaheen, Susan A PhD & Cohen, Adam P, 2012. "Carsharing and Personal Vehicle Services: Worldwide Market Developments and Emerging Trends," Institute of Transportation Studies, Research Reports, Working Papers, Proceedings qt7fh4w0q5, Institute of Transportation Studies, UC Berkeley.
    5. Pierpaolo D’Urso & Alessio Guandalini & Francesca Romana Mallamaci & Vincenzina Vitale & Laura Bocci, 2021. "To Share or not to Share? Determinants of Sharing Mobility in Italy," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 154(2), pages 647-692, April.
    6. Giovanna Magnani & Tommaso Bertolotti & Antonella Zucchella, 2018. "Cognitive aspects of car sharing in Millennials. Active sharers and reluctant users," MERCATI & COMPETITIVIT?, FrancoAngeli Editore, vol. 2018(1), pages 39-62.
    7. Leiming Li & Yu Zhang, 2023. "An extended theory of planned behavior to explain the intention to use carsharing: a multi-group analysis of different sociodemographic characteristics," Transportation, Springer, vol. 50(1), pages 143-181, February.
    8. Yue Guo & Fu Xin & Xiaotong Li, 2020. "The market impacts of sharing economy entrants: evidence from USA and China," Electronic Commerce Research, Springer, vol. 20(3), pages 629-649, September.
    9. Golalikhani, Masoud & Oliveira, Beatriz Brito & Carravilla, Maria Antónia & Oliveira, José Fernando & Antunes, António Pais, 2021. "Carsharing: A review of academic literature and business practices toward an integrated decision-support framework," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 149(C).
    10. Diana, Marco & Chicco, Andrea, 2022. "The spatial reconfiguration of parking demand due to car sharing diffusion: a simulated scenario for the cities of Milan and Turin (Italy)," Journal of Transport Geography, Elsevier, vol. 98(C).
    11. Irfan Ullah & Kai Liu & Tran Vanduy, 2019. "Examining Travelers’ Acceptance towards Car Sharing Systems—Peshawar City, Pakistan," Sustainability, MDPI, vol. 11(3), pages 1-16, February.
    12. Wu, Guoqiang & Hong, Jinhyun & Thakuriah, Piyushimita, 2019. "Assessing the relationships between young adults’ travel and use of the internet over time," Transportation Research Part A: Policy and Practice, Elsevier, vol. 125(C), pages 8-19.
    13. Yuan, Ruizhi & Luo, Jun & Liu, Martin J. & Yu, Jiang, 2022. "Understanding organizational resilience in a platform-based sharing business: The role of absorptive capacity," Journal of Business Research, Elsevier, vol. 141(C), pages 85-99.
    14. Susanna Ulinski, 2015. "Corporate Social Innovation as a Driver of Performance and Welfare. WWWforEurope Policy Paper No. 25," WIFO Studies, WIFO, number 58500, April.
    15. Kumar, Akshay & Gupta, Akshay & Parida, Manoranjan & Chauhan, Vivek, 2022. "Service quality assessment of ride-sourcing services: A distinction between ride-hailing and ride-sharing services," Transport Policy, Elsevier, vol. 127(C), pages 61-79.
    16. Junhee Kang & Keeyeon Hwang & Sungjin Park, 2016. "Finding Factors that Influence Carsharing Usage: Case Study in Seoul," Sustainability, MDPI, vol. 8(8), pages 1-12, July.
    17. Boisjoly, Geneviève & Grisé, Emily & Maguire, Meadhbh & Veillette, Marie-Pier & Deboosere, Robbin & Berrebi, Emma & El-Geneidy, Ahmed, 2018. "Invest in the ride: A 14 year longitudinal analysis of the determinants of public transport ridership in 25 North American cities," Transportation Research Part A: Policy and Practice, Elsevier, vol. 116(C), pages 434-445.
    18. Kim, Eunjin & Yoon, Sungjun, 2021. "Social capital, user motivation, and collaborative consumption of online platform services," Journal of Retailing and Consumer Services, Elsevier, vol. 62(C).
    19. Feng, Xiaoyan & Sun, Huijun & Wu, Jianjun & Liu, Zhiyuan & Lv, Ying, 2020. "Trip chain based usage patterns analysis of the round-trip carsharing system: A case study in Beijing," Transportation Research Part A: Policy and Practice, Elsevier, vol. 140(C), pages 190-203.
    20. Cartenì, Armando & Cascetta, Ennio & de Luca, Stefano, 2016. "A random utility model for park & carsharing services and the pure preference for electric vehicles," Transport Policy, Elsevier, vol. 48(C), pages 49-59.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:rmgtin:v:23:y:2020:i:1:p:31-51. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=1098-1616 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.