Axa XL unveils autonomous vehicle cover

Axa XL, a division of Axa SA, has launched insurance coverage designed to cover the risks associated with autonomous vehicles, the company said in a statement Thursday.

The policy provides a core coverage of third-party liability, damage to property insured and vehicle theft, the statement said.

Limits are available up to $10 million in addition to the local mandatory motor insurance, according to a spokesman’s email.

Additional coverage can be added including liability for damage in the insured's care, custody or control; liability for damage to trial suite; cyberattack liability for damage/bodily injury; AV trial interruption; and data restoration expenses, the statement said.

Available extensions include statutory motor liability cover, cyber extension, crisis management/response service, and loss of turnover extension, the statement said.

“Investment in the development of autonomous technologies has skyrocketed in recent years, reaching $10.3 billion in 2018 alone, according to venture capital experts Pitchbook,” Mukadder Erdoenmez, head of international casualty for Europe at Axa XL, who leads Axa XL’s new economy, autonomy/technology team, said in the statement.