Improving the safety of young drivers will also mean that they will face lower motor insurance costs.
Insurers want to see young drivers become safe drivers which in turn will result in more affordable premiums.
The ABI would like to see a one-year minimum learning period for young drivers.
BBC: ABI: Young drivers could save 20% on insurance premiums
Spending cuts are putting the lives of young drivers at risk, a road safety campaigner says.
Young drivers will have to wait until they are 18 to get a full licence.
Though traffic fatalities have seen a historic drop in recent decades, young drivers remain at highest risk.
If ever there was a Dodge to win back the hearts of young drivers, this is it.
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Young drivers could face a curfew as part of government efforts to prevent accidents and reduce "sky-high" insurance premiums.
"Insurers want to see young drivers become safe drivers, which in turn will result in more affordable premiums, " he added.
BBC: ABI: Young drivers could save 20% on insurance premiums
Though relative novices behind the wheel, young drivers generally have better car control and faster reactions than their older counterparts.
Mr Mackay's mother said she hoped young drivers would think more about safety as a result of her son's death.
Liberal Democrat Roger Williams said many people would argue that the high premiums for young drivers were for "good reason".
But three million young drivers could save up to 20% of those premiums, if safety standards were improved, the ABI says.
BBC: ABI: Young drivers could save 20% on insurance premiums
Almost half (44%) of all the 1, 002 young drivers surveyed said they felt "less safe" on the roads than ever before.
The Welsh forces have also joined together again for this year's month-long Christmas drink-drive campaign, which will particularly target young drivers.
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"We want the message to be very clear to young drivers: Don't do it and don't think about doing it, " Cuomo said.
Similar to previous studies, Bridgestone's survey indicated that a majority of young drivers have picked up bad driving habits from their parents.
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Bothe knows that many parents of young drivers are not so lucky.
The company just launched its It Can Wait campaign to get young drivers to pledge not to text while behind the wheel.
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Young drivers have shown that they can deliver almost straight away.
Young drivers were most likely to admit to speeding while on highways, but 84% said they drove at or below the speed limit in school zones.
The ABI said all the evidence showed that newly passed young drivers were the riskiest on the road and that special care was needed to avoid them having accidents.
There are even positive implications for families with young drivers.
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"The way the sport is now, there are so many young drivers coming through and there are so many opportunities for teams to pick up these guys, " he added.
Nearly all young drivers said they wear their seat belts, and far fewer admitted to engaging in drag racing and drifting, the kind of dangerous driving done by previous generations.
The state Department of Motor Vehicles is evaluating how parents respond to the programs and if they affect driving behavior, said Chuck Conroy, a DMV official who specializes in young drivers.
Some in the industry even suggested that women's premiums may rise by more, possibly as much as 50%, and that some firms may stop offering insurance to all young drivers altogether.
"It is vitally important for policymakers to understand the reasons for the very high cost of motor insurance, especially for young drivers and to take steps to bring that cost down, " she added.
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