TIM eMagazine Vol.3 Issue 7
Credits : kongsberg.com
A
utonomous ships and aviation drones face fewer
barriers to adoption than driverless cars. That is
the view of underwriting professionals replying to
an International Underwriting Association (IUA)
survey on developing technologies.
Respondents expressed concern about a lack
of associated infrastructures for autonomous
modes of transport, as well as cost, technological
capability, public perception and regulation. In
each case these barriers to adoption were thought
to apply most significantly to driverless cars.
However, all three types of vehicle are expected to be in widespread use
within 10 years by more than 80% of practitioners.
The views were collected in an online poll of IUA members conducted by
the association’s Developing Technology Monitoring Group (DTMG), which
was established two years ago to examine how new technologies would
impact upon various classes of insurance business. A series of questions
were posed focussing on three key technologies: unmanned aerial vehicles
or drones, autonomous vehicles and autonomous vessels. The survey
sought to assess market expectations and concerns surrounding future
coverage for each transportation method.
Daniel Fletcher, Technology Practice Manager at Chubb Europe and
IUA SURVEY
CITES OBSTACLES
TO ADOPTION OF
AUTONOMOUS
VEHICLES
Chairman of the DTMG, said: “Insurance companies are embracing new
technologies and developing broad, wide-reaching cover for a range of
different risks. The expansion of such products generally mirrors the rate of
development for the technologies themselves.
“Unmanned aerial vehicles are currently the most widely used and
this is reflected in the number of IUA members who stated in our survey
that they are offering products in this area and, indeed, the geographical
spread of cover. Autonomous vessels, however, could represent a
significant potential growth area for the London Market with a quarter of
the companies responding to our poll stating that they are considering
launching a product in this field.
“A growing interest in the work of the IUA’s Developing Technology
Monitoring Group is also reflective of companies’ increased focus on
these underwriting opportunities. The group has been well supported by
members and considers issues relevant to a wide range of business classes
including aviation, cyber, casualty, liability, marine and professional lines.”
Results from the IUA survey were discussed at a half-day conference
hosted by the association. The event was attended by more than 50
London Market professionals and considered issues surrounding the use
of artificial intelligence and Internet of Things devices, data privacy and
systemic cyber exposure.
www.iua.co.uk
Respondents expressed concern about a lack of associated infrastructures for
autonomous modes of transport, as well as cost, technological capability, public
perception and regulation. In each case these barriers to adoption were thought to
apply most significantly to driverless cars.
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