Ministry-led project… Samsung Fire & Marine Insurance the sole participating insurer
Compensation limit: KRW 10 billion per accident (≈ $7.5M) · KRW 30 billion annually (≈ $22.5M)
Expected to secure driving records and crash logs
[Asia Times—Ryu Hong-min] After competing to insure an autonomous-vehicle pilot program, Samsung Fire & Marine Insurance was chosen as the participating insurer for the K-Autonomous Driving Collaboration Model. The company will handle claims arising during the pilot and collect driving and crash data, laying the groundwork for future autonomous-vehicle insurance products.
On March 9, the Ministry of Land, Infrastructure and Transport selected Samsung Fire & Marine Insurance to participate in the ministry’s K-Autonomous Driving Collaboration Model, a program that supports pilot cities testing autonomous vehicles.
The collaboration model combines vehicle supply, insurance and service platforms into a single system, replacing the prior setup where autonomous-vehicle companies had to secure vehicles and arrange insurance independently. The change is intended to let technology firms focus on developing and validating autonomous systems.
Major non-life insurers—including Samsung Fire & Marine Insurance, DB Insurance, Hyundai Marine & Fire Insurance, KB Insurance and Hanwha General Insurance—applied for the insurance role. Insurers selected for the program gain exclusive access to manufacturer-controlled data generated during testing, such as vehicle driving records and accident logs.
As the program’s insurer, Samsung Fire & Marine Insurance plans to establish an operational network covering 200 autonomous vehicles and develop a dedicated insurance product to cover accident claims. The company has proposed coverage limits of KRW 10 billion per autonomous-vehicle accident (≈ $7.5M) and KRW 30 billion per year (≈ $22.5M) to address risks that could arise during testing.
\"By joining the national autonomous-driving pilot, we will provide accident compensation support,\" a Samsung Fire & Marine Insurance spokesperson said. \"Because this is the first time the project is being run as an actual pilot rather than solely for research, we expect to secure related data more quickly.\"
They added, \"Having direct experience with an actual pilot will help us set rates when developing autonomous-vehicle insurance, compared with having no practical exposure.\"
