Travelers Outlines Framework for Autonomous Vehicle Insurance in Canada
05 October 2021 - 12:08AM
Business Wire
Travelers Institute to host Oct. 5 webinar to
discuss recommendations
The Travelers Institute, the public policy division of The
Travelers Companies, Inc. (NYSE: TRV), today 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, will be discussed during a webinar hosted
by the Travelers Institute on Tuesday, Oct. 5, at 2 p.m. ET. The
Honourable Stan Cho, Associate Minister of Transportation for the
Government of Ontario, will provide welcoming remarks. Woodward
will then moderate 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. Travelers is a leading provider of property casualty
insurance for auto, home and business. For more information, visit
Travelers.com.
About Travelers Canada
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 US$32 billion in 2020. 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, visit TravelersCanada.ca.
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Media: Chesleigh Fowler, 860-277-5102
cfowler3@travelers.com
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