An insurance company supports autonomous vehicles
One piece of the autonomous vehicle puzzle has become a bit clearer after an insurance company recently released a position paper in support of the technology, citing safer roads.
As all vehicles in circulation in Canada must have auto insurance, the question of the role that insurance companies will play in the deployment was raised.
Recently, Travelers Canada released a position paper on autonomous vehicles and how it views the role and suitability of autonomous vehicles in Canada.
“It is important to address public policy issues and challenges in a holistic manner that increases public safety, provides peace of mind, protects drivers and pedestrians and spurs innovation,” he said in his summary of the white paper, entitled Ensuring Autonomy: How Auto Insurance Will Lead to Evolving Risks.
Travelers rank 12th in market share for Canadian P&C insurance companies, according to 2021 Canadian Insurer Statistical Guide, using data from MSA Research.
The company said it supports measures that ensure safe roads. He believes that autonomous vehicles “will ultimately benefit society by reducing the number of accidents, injuries and loss of life.”
Of course, as autonomous vehicles are still many years away, there are still many unanswered questions. Travelers have highlighted the following elements that he wonders about:
- How long will it take to move to a fully autonomous fleet?
- How long will it take for the expected benefits of VAs to materialize?
- What unintended consequences and disruptions will arise during the transition?
When it comes to the impact of insurance on the implementation of autonomous vehicles, travelers don’t see much interference.
“The current insurance structure is already designed to adapt to changing risk environments and would minimize regulatory uncertainty, market disruption and consumer confusion,” the company said. “Continuing to rely on auto insurance for coverage, regardless of vehicle type, will also help ensure consistency during the time that commercial vehicles and driver-driven vehicles share the road. “
In fact, Travelers believes the insurance industry is an important stakeholder as the stand-alone discussions advance.
“The insurance industry should play a central role in AV policy making and discussions with stakeholders,” he said. “Lawmakers and regulators need to coordinate and seek input from all relevant constituents to ensure a coherent and rational regulatory framework that addresses all potential problems. “