South Korean insurance companies are to start to sell autonomous vehicle insurance.
Korea Bizwire said in September 2020 that South Korea’s regulator: “The Financial Supervisory Service announced that the nation’s 12 non-life insurance companies will start selling new insurance products that can cover the risk related to accidents involving commercial self-driving cars from late this month.”
Reports suggest that the country has established the legal foundation for the commercialization of Level 3 autonomous vehicles. By revising the country’s Act on Compensation for Car Damages, insurance companies will be able to sell insurance products for self-driving cars – beginning with policies for commercial self-driving cars. The website reveals that it becomes effective as of October 2020; “Following the Ministry of Land, Infrastructure and Transport’s establishment of safety standards for self-driving cars and the revision of the Act on Compensation for Car Damages.”
Read how Korean insurers are grasping the nettle: http://bit.ly/3w9lFew
Client: InformaTech, published by TU Automotive on 26th November 2020. Author: Graham Jarvis.
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