Institute Research Report Reveals How P&C Industry Can Help Prepare For Transition To Driverless Cars

Toronto, ON (May 6, 2016) – Conventional, semi-automated and driverless vehicles will soon be sharing our roads and Canada’s insurance industry can help drivers, regulators and other stakeholders prepare for the change, a new Insurance Institute research report says.

Automated Vehicles: Implications for the Insurance Industry in Canada explores how vehicle automation is anticipated to affect road safety, claims, road infrastructure, insurance premiums and policy coverage over the next decade.

The report concludes with seven recommendations to help the insurance industry prepare for the anticipated changes on Canadian roads. It is the second in a series of Emerging Issues Research Reports by the Institute.

As the industry’s premier educator, the Insurance Institute is committed to providing current information about significant emerging challenges affecting Canada’s P&C industry, says Peter Hohman, MBA, FCIP, ICD.D, president and CEO of The Insurance Institute of Canada.

“Vehicles today are becoming increasingly automated, including driver-assist technologies such as automatic braking and blind spot checks,” Hohman says. “The road safety benefits of the new technologies are welcome, and the insurance industry has just started to discuss how to adapt to the transition towards completely driverless vehicles. Our report provides valuable analysis and information in support of moving that conversation forward.”

The Institute’s report is structured around several critical questions. Among them:

  • Who will be held responsible for traffic collisions?
  • Will higher repair costs limit insurance savings?
  • When will fully self-driving vehicles become available?

Among its recommendations, the report suggests the insurance industry is well-positioned to lead a national dialogue to help clarify liability, policy wordings and regulation of insurance around semiautomated and driverless cars.

For the full report, click here or visit insuranceinstitute.ca/research.

Transition To Driverless Cars

Note: V2I means “vehicle to infrastructure,” and V2V means “vehicle to vehicle.”

Join the Discussion

In addition to publishing its research report, the Institute is offering two opportunities to join the discussion on the safety and insurance implications of automated vehicles in Canada.

The first, a research forum on May 25, will canvas the thoughts of key Canadian authorities on road safety.

The second is a live national webinar on June 23, offering a unique perspective on the ability of semi-autonomous and driverless cars to save lives in the future.

About the Insurance Institute

The Insurance Institute is the premier source of professional education and career development for the country’s property and casualty insurance industry.

The Institute sets professional standards for the industry through education programs that lead to a range of designations and certificates, including the internationally recognized Chartered Insurance Professional (CIP) and Fellow Chartered Insurance Professional (FCIP).

On behalf of the industry, the Institute also conducts demographic research and produces reports and publications. We strive to keep our members up to date on insurance industry news and Institute happenings in our social media channels, various newsletters, email updates and local news from our individual Institutes and Chapters from around Canada.

Source: Insurance Institute