AXA XL Launches Insurance Policy for Autonomous Vehicles

March 20, 2020

AXA XL announced the launch of an insurance solution designed to cover the risks associated with autonomous vehicles. The offering will help companies developing or using the technology to better manage and transfer those new and evolving risks.

The policy, which is available to clients globally, provides a core coverage of third-party liability, damage to property insured and vehicle theft.

Additional coverage can be added to meet each client’s needs including:

  • Modular coverage options: Liability for damage in the insured’s care, custody or control; liability for damage to trial suite; cyber attack liability for damage / bodily injury; autonomous vehicle (AV) trial interruption; data restoration expenses.
  • Available extensions: Statutory motor liability cover; cyber extension; crisis management/response service; loss of turnover extension.

“Investment in the development of autonomous technologies has skyrocketed in recent years, reaching US$10.3 billion in 2018 alone, according to venture capital experts Pitchbook. The number of companies using intelligent machines within their operations is also increasing,” commented Mukadder Erdoenmez, head of International Casualty for Europe at AXA XL, who leads AXA XL’s New Economy, Autonomy & Technology team (NEAT).

“We saw this as an opportunity and created a customizable single policy to support those forward-thinking companies that are already shaping and using autonomous technologies,” he added.

AXA XL said it already has significant experience in the field of autonomous technologies, having worked with Oxbotica, a technology company with a focus on mobile robotics and autonomous systems, since 2016.

In addition, AXA XL in 2017 joined the UK government-backed DRIVEN consortium to contribute to the deployment of a fleet of autonomous vehicles between Oxford and London, the most ambitions autonomous vehicle project ever attempted at the time.

The following year, AXA XL established a multi-disciplinary Global Autonomy Centre of Excellence and announced the creation of an insurance solution to support the adoption of autonomous technologies.

Source: AXA XL

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