The emergence of autonomous vehicles has rapidly transformed the transportation industry. Argo Group leaders have watched those changes carefully, analyzing them for potential risks and opportunities. Three Argo experts shared their insights in a recent LinkedIn Live, moderated by Patti Harman, Editor-In-Chief at Claims Magazine and PC360.
- Determining liability in autonomous vehicle accidents is a central challenge. Chris Schramm, VP Underwriting, Head of Primary Casualty at Argo, says the industry is still figuring out where coverage goes when there’s an autonomous vehicle accident. “Some states are trying to address this already,” he says. “Determining if it is a professional liability, a programming issue or a hardware failure is becoming more challenging.”
- Shipping and cargo insurance could see big changes – and opportunities. “Cargo at rest is cargo at risk,” says Eric Michel, SVP Underwriting, Head of Inland Marine at Argo. “With autonomous vehicles, the cargo will be at rest a lot less for the peril of theft.” As a result, Michel expects to be able to write more business with reduced exposure.
- Insurers can develop new, creative products to cover this emerging technology. “There’s a potential for these trucks to be on the road 24/7,” says Sandy Zrimsek, VP Underwriting at Colony Specialty. “That means more maintenance on the mechanics of these units. We could develop a product to cover shops that specialize in repair of these systems.”
Hear the experts discuss AVs even further in the full LinkedIn Live conversation
Learn more about the risks and opportunities of autonomous vehicles by watching the full LinkedIn Live. Then, follow Argo Group on LinkedIn to hear even more expert insights on current industry trends.