The new insurance policy will support the companies in the development of the new technology to cover their evolving risks
Image: Axa XL's headquarters in Stamford, Connecticut. (Credit: Wikipedia.org/John9474.)
AXA XL has launched a new insurance solution designed to cover the risks associated with autonomous vehicles.
The new solution is expected to support organisations that are designing or using the autonomous technology to better manage and transfer the new and evolving risks .
AXA XL autonomous systems & vehicles underwriting manager Sinan Geylani said: “We saw this as an opportunity and created a customisable single policy to support those forward-thinking companies that are already shaping and using autonomous technologies.”
The new policy offers core coverage of third-party liability, damage to property insured and vehicle theft. Additional coverage can be customised as per the specific needs of each customer, the insurer said.
The modular coverage options provided by the new insurance include 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 trial interruption, and data restoration expenses.
Some extensions that are available under the new offering consist of statutory motor liability cover, cyber extension, crisis management/response service, loss of turnover extension.
AXA XL International Casualty Head Europe Mukadder Erdoenmez said: “Investment in the development of autonomous technologies has skyrocketed in recent years, reaching USD 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.”
AXA XL has already gained experience in autonomous technologies
Since 2016, AXA XL has been working with Oxbotica, a technology company focused on mobile robotics and autonomous systems. The partnership enabled the company to gain experience in the field of autonomous technologies.
In 2017, the company became part of the UK government-backed DRIVEN consortium to support the deployment of a fleet of autonomous vehicles between Oxford and London.
The following year, AXA XL established Global Autonomy Centre of Excellence and created an insurance solution to support the adoption of autonomous technologies.
Last month, the company’s subsidiary Allied Specialty Insurance, formed a joint venture with McGowan. The new entity McGowan Allied Specialty Insurance will serve the insurance needs of amusement and entertainment industries.
The new joint venture company will offer property & casualty insurance coverage and loss control services to amusement parks, arcades, bowling centers, carnivals, concessionaires, fairs and festivals, family entertainment centers, fireworks, miniature golf facilities, skating centers, and waterparks.