There is a gap between the advancements in technology in vehicles and the advancements in the knowledge of the local vehicle repair shops that have to repair these technologically advanced machines, President and Chief Executive Officer of the Bahamas First Holdings Ltd. Patrick Ward said yesterday.

Ward, who was a panelist on A.M. Best’s webinar on the state of the Caribbean insurance markets, explained that this widening gap will eventually become a concern for insurance companies.

“The long-term effect is what will happen with the motor insurance market,” Ward said.

“You have developments around the globe in terms of technology being put into vehicles that relate to autonomous and semi-autonomous vehicles, and who knows what the impact will be down the road in terms of the motor market and what we know the motor market to be.”

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