When a movie about the painfully nearsighted, accident-prone cartoon character Mr. Magoo was released in the late 1990s, groups representing the blind protested and secured disclaimers from the producers. Will auto insurers fare any better if they take steps to respond to the exploding number of elderly drivers hitting the road?
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, 64 percent of men and 40 percent of women over 85 will be on the road, Mr. Weisbart predicted this month during the annual Property-Casualty Executive Conference, sponsored by the National Underwriter Company.
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