Travelers to Share Autonomous Vehicle Insurance Recommendations at Republican Governors Association Summit
16 Mai 2019 - 02:30PM
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190516005558/en/
Media:Matt Bordonaro,
860.277.7014mbordona@travelers.com
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