In a future of autonomous vehicles, the industry expects ride-hailing services could eliminate the need for many to carry insurance at all. Ann Arbor -- Insurers are bracing for change as they plan for a future with self-driving cars. Although the hope is that autonomous vehicles will decrease traffic incidents and improve road safety, it could take years before the benefits of expensive-to-repair, technology-packed vehicles reduce insurance premiums. Meanwhile, autonomous vehicles promise to shift liability for accidents from drivers to the car itself, threatening insurers' traditional business model. "There's angst, anxiety, worry (because) ... we're heavily in the auto business," Neil Alldredge, senior vice president of corporate affairs for the National Association of Mutual Insurance Companies, told auto insurers earlier this month at an Ann Arbor conference on the topic.
Premiums for health insurance plans on ObamaCare's exchanges will rise an average of 15 percent next year, according to a new report from the Congressional Budget Office. Senate Minority Leader Chuck Schumer, D-N.Y., has blamed President Trump and congressional Republicans for the rate hikes – and for "deliberately sabotaging our health care system." Schumer is half right – ObamaCare's insurance markets have indeed been sabotaged. But Schumer and his fellow Democrats are the saboteurs. They're the ones who wove ObamaCare's incoherent web of mandates, which are the real reason insurance premiums are soaring.
The City regulator is to investigate how home and car insurance policies are priced after finding "hidden" discrimination between customers. The Financial Conduct Authority (FCA) will study the scale of the issue, whom it affects, and possible solutions. Insurance customers may pay different prices depending on how loyal they are, their age, and whether they are online. Marital status, home postcode and employment status may also have a hidden effect on price, the FCA said. Citizens Advice has already warned loyal customers are being "ripped off".
When our hard-working members of Congress return to work next week refreshed from their 18-day Easter recess, they're planning to take up healthcare reform again. This time, their Affordable Care Act repeal effort has been dressed up with a new provision known as "invisible risk sharing," based on what they assert was a successful program in Maine. The Maine program, which was enacted in 2011, was only "successful" because it was backstopped by the Affordable Care Act. Even so, it was a disaster for older and rural residents, small businesses, and women. The law led to reduced premiums, but also to "drastically reduced benefits, increased deductibles, and increased cost-sharing" compared to policies previously in force, according to an analysis by a pro-reform group.