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As autonomous cars become more prevalent, insurers will need to answer difficult governance and compliance questions in policies to address scenarios where a bug in an autonomous car’s software, hardware failure, or erroneous decision in an algorithm leads to an accident. (Photo: metamorworks/Shutterstock)

The automotive industry has gone through an enormous upheaval in the last year. Primarily due to COVID-19, worldwide auto sales fell by 16% in 2020. Some countries saw even more significant impacts — in the U.K., new car sales were down 97% in April 2020, and purchases dropped by 29% in November 2020.

ING Group estimates that car sales will rebound by approximately 8% this year. Most experts agree that a significant recovery is likely as economies worldwide move on from the shock of the crisis.

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