Driverless cars will be commonplace soon: XL's McGavick
Autonomous vehicles are likely to be on the roads sooner than expected, said XL Group's CEO Mike McGavick. The insurance industry needs to accept and react to the pace of change, he added. Rather than keep up with technology, insurers have actually stepped back from development, McGavick said. The industry can react by changing the way risk is pooled while also altering and developing liability theory. 
During his presentation Monday morning at IRMI’s Construction Risk Conference, XL Group Ltd. CEO Mike McGavick delivered a wake-up call that the insurance industry needs to evolve in tandem with the accelerating pace of change in a digitally powered, evolving world: Some of the innovations that will shape our collective destiny, including autonomous vehicles, will arrive faster than some may think.

“I believe completely that we’re living in the Renaissance of the insurance industry,” McGavick told the audience at the J.W. Marriott in downtown Indianapolis during the IRMI conference’s kickoff session. “The rate of change is extraordinary, and will not slow down.”