Technology giants and automakers are investing billions of dollars to develop driverless cars that promise to make roads safer. But who will pay when a crash does happen?
The transportation revolution raises big questions for insurers around liability, data and future revenues. With driverless car trials ongoing in a number of markets, policymakers are already preparing for the new landscape.
In the United Kingdom, work is underway to ensure a regulatory framework is in place when automated vehicles hit roads. Last year, lawmakers approved the Automated and Electric Vehicles (AEV) Act, bringing greater clarity on insurance policies and liability for road accidents involving driverless vehicles.