(Bloomberg) – Driverless cars developed by companies such as Google Inc. could transform the insurance industry if their accident-avoidance technology sparks a shift in risk transfer, according to one of the Bank of England's first blog posts.
"As human drivers become replaced by lasers and sensors, the placement of liability may start to shift towards manufacturers," BOE officials Neha Jain, James O'Reilly and Nicholas Silk wrote wrote on Friday. "Such developments would pose challenging questions" for the bank's Prudential Regulation Authority, which regulates U.K. insurers.
The post appeared on Bank Underground, a staff blog that will allow officials to share commentary and analysis as part of Governor Mark Carney's effort to increase transparency and counter groupthink. There will be no "house view" and authors will be able to differ from the BOE's official position, external consensus and each other, blog editor John Lewis wrote in an entry marking the site's launch Friday.
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