Samsung Fire rolls out Korea's first autonomous vehicle insurance

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.

Samsung Fire said that coverage will extend to cybersecurity risks stemming from external hacking attacks in addition to accidents caused by carmakers and software developers.

"We plan to design innovative insurance products and optimized premium rates for the era of autonomous driving based on real-world driving data," Samsung Fire said in a statement.

"Going forward, we will serve as a reliable partner in the mobility industry, fulfilling the fundamental role of insurance in protecting our customers' daily lives while working to build a robust social safety net," it added.

Daelim University automotive professor Kim Pil-soo said that the country should accelerate efforts to be ready for a new era.

"In the future, insurers will need to cover not only driver mistakes but also software errors and vehicle operating systems," Kim told UPI. "Compared to other advanced economies, Korea is relatively late in introducing such insurance products. Our companies are required to move faster."

The share price of Samsung Fire fell 1.39% on the Seoul bourse Wednesday.

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This story was originally published May 13, 2026 at 10:04 AM.