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Lloyd's of London - Autonomous Cars and Motor Insurance

Lloyd's 2014 Presentation

Mohammad Khan

on 2 November 2014

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Transcript of Lloyd's of London - Autonomous Cars and Motor Insurance

Autonomous Vehicle
Opportunities and Risks
Autonomous Vehicles and Insurance
Smart Cruise Control

Crash Avoidance Technology
Reduction in Collisions
Google - Autonomous Vehicle Manufacturer
500,000 Miles of Accident Free Driving
Who Is Held Liable?
Liability shifted more towards the manufacturer compared to the driver
Shift in Liability
Computer Failure
Cyber Hacking
Autonomous cars will be fully computerised and connected to the internet

Risk of hijacking and remote controlling by hacker
Due to complexity of equipment and software used in autonomous cars
Emerging Risks
Implementing new Underwriting Criteria
Safety statistics of a certain make and model of a car
Reduction in Claims
Insurers will face strategic choices:

Delay introducing price reductions - short term profits

Focused on the transition - lenient on pricing, gaining market share
Opportunities to Insure
Unmanned Aerial Vehicles
Risk of car damage

Risk of car theft
Certain Aspects Will Remain Unchanged
Products Liability Insurance
For autonomous vehicle manufacturers
High frequency, low severity - Traditional car accidents

Low frequency, high severity - Autonomous car accidents prediction

Homogeneous exposures
Risks Management
Can these Risks be Insured?
The event insured against must be fortuitous

There must be insurable interest

Insuring the risk must not be against public policy
Change in Risk Profile
Opportunities to Insure
Evolution of Motor Insurance
Underwriting and Claims
Required by vehicle manufacturers
Required by vehicle drivers
Telematics Device - Bespoke Policies
Cyber Insurance
Acceleration - Rapid or measured
Advanced Driver Assist Technology (ADAS)
Braking - Harsh or smooth
Third party liability
Physical loss and damage
19th Century
21st Century
Transition from traditional cars to autonomous cars may have similar impact as transition from carriages to automobiles
Full transcript