Toronto, ON (Oct. 11, 2021) – The Travelers Institute, the public policy division of The Travelers Companies, Inc., has released its position paper “Insuring Autonomy: How Auto Insurance Will Lead Through Changing Risks” in Canada. The paper presents the company’s assessment of 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 position paper’s recommendations, as well as the status and future of AVs in Canada, were discussed during a webinar hosted by the Travelers Institute on Tuesday, Oct. 5. The Honourable Stan Cho, Associate Minister of Transportation for the Government of Ontario, provided welcoming remarks. Woodward moderated a virtual panel featuring:
- Tasneem Essaji, Director, Transportation Policy Branch, Ministry of Transportation, Government of Ontario.
- Raed Kadri, Head of Ontario’s Autonomous Vehicle Innovation Network.
- Caleb Earnest, Vice President of Personal Insurance at Travelers Canada.
“This pivotal moment in the history of transportation is our chance to reimagine mobility and support the long-term resiliency of Ontario’s thriving auto sector,” said Minister Cho. “Our government is committed to exploring and removing barriers to adopting new technology in the transportation sector while continuing to keep safety for drivers, pedestrians and all road users a top priority.”
The Travelers Institute® position paper offers guidance on how to adapt the existing auto insurance system for AVs, including:
- 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.
To download the position paper, please visit the Travelers Canada website.
About the Travelers Institute
The Travelers Institute, the public policy division of The Travelers Companies, Inc., engages in discussion and analysis of public policy topics of importance to the insurance marketplace and to the financial services industry more broadly. The Travelers Institute draws upon the industry expertise of Travelers’ senior management as well as the technical expertise of many of Travelers’ underwriters, risk managers and other experts to provide information, analysis and solutions to public policymakers and regulators
The Travelers Companies, Inc. (NYSE: TRV), is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $32 billion in 2020. For more information about Travelers, visit www.travelers.com.
The Travelers Insurance Company of Canada, Dominion of Canada General Insurance Company and St. Paul Fire and Marine Insurance Company (Canada Branch) are the Canadian licensed insurers known as Travelers Canada. For more information about Travelers Canada, visit travelerscanada.ca.
Source: TravelersTags: Autonomous Vehicles, Travelers, whitepaper