(Image source: DRIVEN homepage.)
AXA XL, the New York-based property/casualty and specialty risk division of global insurer AXA (Paris) has launched a new insurance solution designed to cover the risks associated with autonomous vehicles. Designed to help companies developing or using the technology to better manage and transfer those new and evolving risks, the policy 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:
- 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, 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 USD 10.3 billion in 2018 alone, according to venture capital experts Pitchbook,” comments Mukadder Erdoenmez, Head of International Casualty for Europe, AXA XL, who leads AXA XL’s New Economy, Autonomy & Technology team (NEAT). “The number of companies using intelligent machines within their operations is also increasing.”
AXA XL reports that it already has significant experience in the field of autonomous technologies, having worked with Oxbotica (Oxford, U.K.), a technology company with a focus on mobile robotics and autonomous systems, since 2016.
“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,” comments Sinan Geylani, Underwriting Manager, Autonomous Systems & Vehicles, AXA XL.
AXA XL’s Participation in DRIVEN Consortium
In 2017, AXA XL joined the U.K. government-backed DRIVEN consortium to contribute to the deployment of a fleet of autonomous vehicles between Oxford and London, which the insurer characterizes as 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.
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