Insurance

Travelers: Insurers to play “critical role” in emerging autonomous vehicles market

In its updated position paper, Travelers is calling for the industry to come together to establish a universal system for managing and regulating insurance for autonomous vehicles.

“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 Travelers Institute president and Travelers Companies executive vice president of public policy Joan Woodward.

Woodward added that insurers such as Travelers have risk management expertise and a deep understanding of compensation systems – all of which add “significant value” in the creation of the framework.

Travelers’ paper offers guidance to facilitate an effective auto insurance system, which includes:

“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.”

The position paper, as well as the current state of the autonomous vehicle market, will be discussed in a webinar hosted by Travelers Institute and the American Property Casualty Insurance Association on January 27, 2021. The webinar is free and open to the public; interested parties may sign up through the Travelers Institute website.

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