Annual Meetings-Emerging Trends Drones, driverless, vehicles, and cyber threats & property insurance - Alexander McGinley, Vice President, US Marine, XL Catlin

Emerging Trends Drones, driverless, vehicles, and cyber threats & property insurance - Alexander McGinley, Vice President, US Marine, XL Catlin

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The document discusses the transition to driverless trucks in the transportation industry, focusing on infrastructure challenges, benefits, and impacts on insurance. It highlights the current state of US roads, the driver shortage in the industry, and how autonomous technology works. Driverless trucks are expected to reduce accidents and theft claims, leading to lower insurance premiums per unit. However, concerns about cyber attacks and terrorism risks on autonomous vehicles are also raised. The adoption of self-driving trucks is seen as a solution to the driver shortage issue, potentially increasing premium volume with more trucks on the road. The document emphasizes the need for underwriting practices to adapt to the changing landscape of the industry, focusing on technology quality, maintenance, and cyber controls. While the shift to driverless trucks may bring cost savings and efficiency improvements, it may also have wide-reaching impacts on the workforce and the economy. The summary suggests that stakeholders in the transportation and insurance sectors need to prepare for the changes ahead and consider the implications of autonomous technology on their operations.

Asset Caption

Presented by:
Alexander McGinley, Vice President, US Marine, XL Catlin

Keywords

driverless trucks

transportation industry

infrastructure challenges

benefits

insurance

US roads

driver shortage

autonomous technology

cyber attacks

premium volume