Autonomous ships and aviation drones face fewer barriers to adoption than driverless cars, according to underwriting professionals replying to an International Underwriting Association (IUA) survey on developing technologies.
“Respondents expressed concern about the lack of associated infrastructures for autonomous modes of transport, as well as cost, technological capability, public perception and regulation,” IUA said.
However, all three types of vehicles are expected to be in widespread use within 10 years by more than 80% of practitioners, the survey shows.
The online poll of IUA members included questions focusing on three key technologies: unmanned aerial vehicles or drones, autonomous vehicles and autonomous vessels. The survey sought to assess market expectations and concerns surrounding future coverage for each transportation method.
“Insurance companies are embracing new technologies and developing broad, wide-reaching cover for a range of different risks. The expansion of such products generally mirrors the rate of development for the technologies themselves,” Daniel Fletcher, Chairman of the Developing Technology Monitoring Group (DTMG), said.
“Unmanned aerial vehicles are currently the most widely used and this is reflected in the number of IUA members who stated in our survey that they are offering products in this area and, indeed, the geographical spread of cover. Autonomous vessels, however, could represent a significant potential growth area for the London Market with a quarter of the companies responding to our poll stating that they are considering launching a product in this field.”