AXA XL has launched a new insurance solution to cover the risks associated with autonomous vehicles.
The new insurance product will help companies develop or use autonomous technology to manage and transfer new and evolving risks.
The policy provides core cover for third-party liability, damage to property, and vehicle theft.
Clients can also add an additional cover or extend existing cover as per their needs, the company said.
AXA provides modular coverage options like liability covers for damage, custody or control, cyber-attacks, among others.
Clients can avail extension covers like statutory motor liability cover, cyber extension, crisis management or response service, loss of turnover extension.
AXA XL Europe international casualty head Mukadder Erdoenmez commented: “Investment in the development of autonomous technologies has skyrocketed in recent years, reaching $10.3bn in 2018 alone, according to venture capital experts Pitchbook.
“The number of companies using intelligent machines within their operations is also increasing.”
AXA XL autonomous systems & vehicles underwriting manager Sinan Geylani added: “We saw this as an opportunity and created a customisable single policy to support those forward-thinking companies that are already shaping and using autonomous technologies.”
AXA XL already has significant experience in the field of autonomous technologies.
In 2017, AXA XL joined DRIVEN consortium to deploy a fleet of autonomous vehicles between Oxford and London, UK.