When a live-action movie about Mr. Magoo was released with Leslie Nielson of “Naked Gun” fame playing the painfully nearsighted, accident-prone cartoon character in the late 1990s, groups representing the blind protested and secured some disclaimers from the producers at the end of the film. Will auto insurers fare any better if they take steps to respond to the exploding number of elderly drivers hitting the road?
The aging U.S. population will pose stiff challenges for auto insurers from an underwriting, claims-handling and loss control standpoint, as carriers can expect a 500 percent increase in the miles driven by seniors in 2020 compared to 1990, warned Steven Weisbart, vice president and chief economist at the Insurance Information Institute.
By 2025, expect 64 percent of men and 40 percent of women over 85 to be on the road, Mr. Weisbart predicted during a speech this month before the Annual Property-Casualty Executive Conference, sponsored by the National Underwriter Company.
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