Travelers Releases Position Paper on Insuring Autonomous Vehicles
January 25 2021 - 8:00AM
Business Wire
Travelers Institute to host Jan. 27 webinar to
discuss latest guidance
The Travelers Institute, the public policy division of The
Travelers Companies, Inc. (NYSE: TRV), today released the latest
version of its position paper “Insuring Autonomy: How Auto
Insurance Will Lead Through Changing Risks.” The paper, initially
published in 2018, presents the company’s assessment of how the
existing auto insurance structure can be leveraged for autonomous
vehicles.
The updated report reaffirms Travelers’ belief that the auto
insurance industry will play a critical role as lawmakers,
regulators and society adjust to innovations in transportation. The
paper also provides specific recommendations that can help
establish a framework for insuring autonomous vehicles as their use
continues to increase.
The position paper and the status of autonomous vehicles will be
discussed during a webinar hosted by the Travelers Institute and
the American Property Casualty Insurance Association on Wednesday,
Jan. 27, at 1 p.m. ET.
Joan Woodward, President of the Travelers Institute and
Executive Vice President of Public Policy at Travelers, will
moderate the event featuring Michael Klein, Executive Vice
President and President of Personal Insurance at Travelers. The
webinar is free and open to the public. Anyone interested in
registering can sign up here.
“The autonomous vehicle sector has seen significant advancements
in recent years, but a uniform insurance framework, as outlined in
our latest paper, is a critical component to the future of
transportation,” said Woodward. “Our risk management expertise and
deep understanding of compensation systems will add significant
value in creating the structure needed to widely adopt autonomous
vehicles.”
The position paper offers guidance to facilitate an effective
auto insurance system, including:
- Ensure that any proposed legal and regulatory framework
governing autonomous vehicles includes provisions specifically
related to auto insurance, which should continue to be the primary
compensation method for claimants.
- Encourage coordination among local, state and federal lawmakers
and regulators, and seek input from all relevant constituents to
ensure a consistent, rational regulatory system that addresses all
potential issues.
- Require vehicle owners to purchase and maintain adequate
insurance for their autonomous vehicles – including sufficient
coverage for the inherently more expensive technology – whether
they are personal, ride-hailing or company-owned vehicles.
- Develop a model state law relating to autonomous vehicle
insurance that builds on the current state-based regulatory and
oversight structure for auto insurance.
- Ensure representation of the insurance industry in policymaking
and stakeholder forums.
“The existing auto insurance structure, both personal and
commercial, is designed to resolve claims and provide fair
compensation to crash victims quickly and effectively,” said Klein.
“As long as we adapt policies and regulations to address the
evolving risks, auto insurance as we know it today can – and will –
meet society’s needs in an increasingly autonomous world.”
To download a copy of the position paper or to learn more about
Travelers’ perspective on autonomous vehicles, 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. Travelers is a leading provider of property casualty
insurance for auto, home and business. For more information, visit
Travelers.com.
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 $32 billion in 2020. For more information, visit
Travelers.com.
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Media: Chesleigh Fowler, 860.277.5102
cfowler3@travelers.com
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