Canada outlines framework for autonomous vehicle insurance
The Travelers Institute, the public policy division of The Travelers Companies, Inc. released a position paper earlier this month outlining how the existing auto insurance structure can be leveraged for autonomous vehicles (AV).
“Travelers has a long history of supporting innovation within the transportation industry, and we hope to contribute to thoughtful discussions about the future of AVs in Canada,” said Joan Woodward, President of the Travelers Institute and Executive Vice President of Public Policy at Travelers. “With the right regulatory framework – informed by insurers and other key stakeholders – we believe that AV technology has the potential to reduce the number of accidents, injuries and lives lost on our roads.”
The paper outlines the following recommendations:
- Ensuring that any proposed legal and regulatory framework governing AVs includes provisions specifically related to auto insurance.
- Requiring vehicle owners to purchase and maintain adequate insurance for their AVs – including sufficient coverage for the more expensive technology – whether they are personal, ride-hailing or company-owned vehicles.
- Developing a model law relating to AV insurance that builds on the current regulatory and oversight structure for auto insurance.
- Ensuring representation of the insurance industry in policymaking and stakeholder forums.
- Supporting efforts to educate the public about AV-related issues. Insurers have an important role to play in education given their extensive customer engagement programs.
The paper can be downloaded here…
Image of a car and the Canadian flag, courtesy of Shutterstock