Autonomous vehicle insurance is an aspect of the auto insurance industry that is in its infancy. The legal and regulatory framework, as well as the appropriate insurance coverage, are areas seemingly in constant flux.
Now, Swiss reinsurer Swiss Re and Chinese tech giant Baidu are teaming up to help advance autonomous driving, according to a statement issued by the Swiss company. The partnership will see Swiss Re providing the needed risk management expertise and autonomous vehicle-focused insurance products for Baidu’s autonomous driving fleet. There were no financial details in the statement, so we are still in the dark about the size of the initial package.
Swiss Re says the new collaboration with Baidu will advance risk management research and insurance protection for autonomous vehicles. This signals an important step forward in the quest to build a comprehensive ecosystem of mobility services.
The provision of insurance products for autonomous vehicles remains an area undergoing rapid evolution amidst the need to provide robust products. A poorly structured insurance product could put insurance companies in adverse situations.
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