An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Travelers Outlines Framework for Autonomous Vehicle Insurance in Canada
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
The Travelers Institute, part of Travelers Companies (NYSE: TRV), announced a webinar on Oct. 5 to discuss its newly released position paper titled "Insuring Autonomy: How Auto Insurance Will Lead Through Changing Risks". The paper presents a framework for adapting auto insurance structures to the evolving landscape of autonomous vehicles (AVs) in Canada. Key recommendations include establishing specific insurance provisions and maintaining adequate coverage for AVs. The webinar features discussions from industry experts and influencers.
Positive
Launch of a position paper addressing AV insurance, indicating leadership in innovation.
Engagement with policymakers to shape a regulatory framework for AVs, enhancing Travelers' market presence.
Negative
None.
Travelers Institute to host Oct. 5 webinar to discuss recommendations
TORONTO--(BUSINESS WIRE)--
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.
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.
What is the purpose of Travelers' position paper on autonomous vehicles?
The position paper aims to provide recommendations on how existing auto insurance structures can adapt to the risks associated with autonomous vehicles (AVs).
When is the webinar discussing the position paper being held?
The webinar is scheduled for October 5 at 2 p.m. ET.
Who are the key speakers at the Travelers webinar on AVs?
Key speakers include Joan Woodward, Stan Cho, and representatives from the Government of Ontario and Travelers Canada.
How does the position paper propose to enhance AV insurance?
The paper recommends a legal framework for AV insurance, adequate coverage for AV owners, and industry representation in policymaking.
What company is associated with the NYSE symbol TRV?
Travelers Companies, Inc. is the company associated with the NYSE symbol TRV.
