Hyundai Motor Co.'s Level-4 autonomous car RoboRide is shown during a test-run on busy streets in southern Seoul in June 2022. File Photo by Yonhap/EPA
SEOUL, May 13 (UPI) -- South Korea's Samsung Fire and Marine Insurance said Wednesday it joined a pilot initiative aimed at testing a model for autonomous vehicle insurance.
Samsung Fire signed a memorandum of understanding with the Ministry of Land, Infrastructure and Transport and the city of Gwangju, about 160 miles south of Seoul.
Samsung Fire said that it would develop the country's first dedicated insurance product for driverless vehicles. The policy will provide coverage of up to $6.7 million per accident with a total annual limit of $20 million.
The country's leading non-life insurer noted that it would create a response system, including around-the-clock customer support and on-site assistance, to ensure the stable operation of the pilot program.
