LMA: Driverless cars can result in consolidation

Motor market will see fewer customers and increased competition in the next 20 years.

Insuring driverless cars will require a simpler underwriting model which will lead to fewer competitors within the market, according to David Powell, non-marine manager at the Lloyd's Market Association.

Powell told Insurance Age that the motor market would see big changes over the next 20 years and predicted that fewer claims and customers would result in consolidation of both brokers and insurers in the motor market.

"Driverless cars will change the way people own cars," he said. "There will