LOUISVILLE, Ky.--(BUSINESS WIRE)--
The Travelers Companies, Inc. (NYSE: TRV),
announced that Michael Klein, Executive Vice President and President,
Personal Insurance, will participate today in the Republican Governors
Association’s Corporate Policy Summit in Louisville, Kentucky, to share
the company’s recommended framework for autonomous vehicle insurance.
Klein will discuss the company’s 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.
“There are several policy-related questions and challenges that need to
be addressed for the eventual use of fully autonomous vehicles to become
a reality,” said Klein. “The insurance industry can 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 those related to weather and
theft, and an insurance structure will still be needed.
Travelers initially disclosed its suggested framework for autonomous
vehicle insurance at the 2018 Automated Vehicles Symposium in San
Francisco, where Klein participated in a roundtable discussion with
United States Secretary of Transportation Elaine Chao and leading
insurance, ride-sharing and auto industry executives. The company’s
public policy division, the Travelers Institute, also published a white
paper, “Insuring
Autonomy: How auto insurance can adapt to changing risks,” that
outlines its proposal for facilitating an effective auto insurance
system that can support the rise of semi- and fully autonomous vehicles,
including:
-
Developing a model state law relating to autonomous vehicle insurance
that builds on the current state-based regulatory and oversight
structure.
-
Requiring vehicle owners — including personal, ride-sharing and
company-owned vehicles — to purchase and maintain adequate insurance.
-
Providing for sufficient coverage to account for the more expensive
technology used in autonomous vehicles.
-
Establishing strong cybersecurity requirements for autonomous
vehicles, including appropriate data-sharing protocols.
-
Utilizing insurers’ extensive consumer communication programs to help
educate customers and the public on autonomous vehicle safety.
-
Ensuring representation of the insurance industry in policymaking and
stakeholder forums.
Klein added, “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.”
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
$30 billion in 2018. For more information, visit www.travelers.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190516005558/en/
Media:
Matt Bordonaro, 860.277.7014
mbordona@travelers.com
Source: The Travelers Companies, Inc.