Releases white paper at the 2018 Automated Vehicles Symposium
Provides public policy recommendations to adapt auto insurance for
autonomous vehicles
SAN FRANCISCO--(BUSINESS WIRE)--
The Travelers
Institute, the public policy division of The Travelers Companies,
Inc. (NYSE: TRV),
today released a white paper, “Insuring Autonomy: How auto insurance can
adapt to changing risks,” at the 2018
Automated Vehicles Symposium. The white paper presents Travelers’
assessment of the existing auto insurance structure, both personal and
commercial, in the context of resolving claims and providing fair
compensation to accident victims as vehicles become more autonomous.
“With the increasing adoption of semi-autonomous vehicles and the
potential for fully autonomous vehicles, several policy-related
questions and challenges are beginning to emerge,” said Michael Klein,
Executive Vice President and President, Personal Insurance at Travelers.
“It’s important that the insurance industry play a central role in
policymaking discussions to develop a uniform legal and regulatory
framework for autonomous vehicles. Ensuring that a clear risk transfer
mechanism is in place will help facilitate the development of autonomous
vehicles and the improved safety we expect they will bring to our roads.”
While research suggests the adoption of autonomous driving technology
will lead to fewer accidents, collisions that do occur will likely
result in costlier repairs and raise difficult questions relating to
driver and manufacturer liability, victim compensation and data
collection. The general risks that come with vehicle ownership,
autonomous or not, will remain, including risks related to weather and
theft.
Among other things, the white paper offers the following recommendations
to facilitate an effective auto insurance system:
-
Develop a model state law relating to autonomous vehicle insurance
that builds on the current state-based regulatory and oversight
structure.
-
Require vehicle owners — including personal, ride-sharing and
company-owned vehicles — to purchase and maintain adequate insurance.
-
Provide for sufficient coverage to account for the more expensive
technology used in autonomous vehicles.
-
Establish strong cybersecurity requirements for autonomous vehicles,
including appropriate data-sharing protocols.
-
Utilize insurers’ extensive consumer communication programs to help
educate customers and the public on autonomous vehicle safety.
-
Ensure representation of the insurance industry in policymaking and
stakeholder forums.
Klein concluded, “Travelers has been a longtime leader and innovator in
both personal and commercial auto insurance and would support the
creation of a coalition of non-government stakeholders to make
recommendations on insurance-related autonomous vehicle issues.”
To download a copy of the white paper, please visit the Travelers
Institute website.
About the Travelers Institute
The Travelers
Institute, the public policy division of The Travelers Companies,
Inc., engages in discussion and analysis of public policy topics of
importance to the insurance marketplace and to the financial services
industry more broadly. The Travelers Institute draws upon the industry
expertise of Travelers’ senior management, as well as the technical
expertise of many of Travelers’ underwriters, risk managers and other
experts to provide information, analysis and solutions to public
policymakers and regulators.
About Travelers
The Travelers Companies, Inc. (NYSE: TRV)
is a leading provider of property casualty insurance for auto,
home
and business.
A component of the Dow Jones Industrial Average, Travelers has
approximately 30,000 employees and generated revenues of approximately
$29 billion in 2017. For more information, visit www.travelers.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180710006018/en/
Media:
The Travelers Companies, Inc.
Matt Bordonaro,
860-277-7014
mbordona@travelers.com
or
Courtney
Garro, 860-277-8719
cgarro@travelers.com
Source: The Travelers Companies, Inc.