Underwriters express concerns over unmanned vehicle adoption
Written by Deborah Ritchie
Driverless ships and aviation drones face fewer barriers to adoption than driverless cars, according to a survey among underwriting professionals, who express concern about a lack of associated infrastructures for autonomous modes of transport, as well as cost, technological capability, public perception and regulation.
The International Underwriting Association survey was conducted to assess market expectations and concerns surrounding future coverage for each transportation method – all three of which are expected to have overcome these issues and to be in widespread use within the next decade.
Technology practice manager at Chubb Europe and chairman of the IUA’s Developing Technology Monitoring Group (DTMG), Daniel Fletcher, said the expansion of insurance products generally mirrors the rate of development for 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,” he added.
“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.”
The IUA’s survey was conducted online by the DTMG group, which was established two years ago to examine how new technologies would impact upon various classes of insurance business