Marsh Risk, a business of Marsh, and specialty insurer Apollo’s ibott division announced the launch of an insurance facility for Uber.
According to the companies, the facility is the first of its kind and will “accelerate the deployment of autonomous vehicles across Uber’s global platform.”
The bespoke Autonomous Vehicle Insurance Program (AVIP) is among Uber’s recently announced Uber Autonomous Solutions designed to support its autonomous vehicle (AV) partners, including developers, fleet operators, vehicle manufacturers/owners, and original equipment manufacturers. Autonomous vehicles “demand a fundamentally different approach to risk and insurance,” said Chriss Moore, president of ibott.
AVIP will be underwritten by Apollo’s ibott division, exclusively for Uber with dedicated capacity to provide AV partners with comprehensive primary and excess liability coverage. The AVIP solution wraps coverage for all key participants into a single master policy.
“Marsh is committed to enabling the growth of the autonomous vehicle sector through tailored risk and insurance solutions. Our work with ibott and Uber represents a meaningful step forward in delivering a scalable, cost-effective framework for AV risk management and accelerating the responsible deployment of autonomous technology,” said Melissa Daly, autonomous, mobility, & platform risk practice leader, Marsh Risk.
The US International Development Finance Corp. said Friday it is deploying maritime reinsurance, including war risk, in the Persian Gulf region to stabilize commerce. The facility will insure losses up to about $20 billion “on a rolling basis” and will apply only to vessels for now, according to a statement.
The announcement comes days after President Donald Trump ordered DFC to offer insurance “at a very reasonable price” to ensure the flow of energy and other commercial trade in the Gulf as oil prices soar. His comments came after some governments, including the US, had suggested insurance availability was blocking transit. Trump also said the US military may escort ships in the Strait but no plans have yet been announced.