In a groundbreaking move last November, the Huazhong University of Science and Technology Business Incubator took a bold step by acquiring insurance for two 60-kilogram humanoid robots. The premium for each robot amounted to around 5,000 yuan ($707). Under the policy, if any damage occurs within a year, the business incubator is entitled to a maximum compensation of 500,000 yuan, marking a significant milestone as the first insurance coverage for embodied intelligent robots in Hubei province.
The robots are intended for use by both the university and small to medium-sized enterprises, increasing the frequency of testing and consequently the likelihood of falls and collisions. Zheng Jun, chairman, and general manager of the business incubator emphasized that SMEs often struggle to afford such advanced technology, and even those who own robots may hesitate to utilize them due to the high cost involved. By securing insurance, developers gain confidence, promoting increased utilization rates among businesses.
The insurance policy encompasses physical damage insurance as well as third-party liability insurance for the embodied robots. Physical damage insurance covers equipment damage caused by various factors such as natural disasters, fire, accidents, and technical malfunctions. On the other hand, third-party liability insurance provides compensation and dispute resolution services for any harm or damage caused to individuals or properties by the robots during operation.
Recognizing the importance of tailored insurance solutions for emerging technologies, the Huazhong University of Science and Technology Business Incubator collaborated to develop an insurance plan that addresses the needs of enterprises. She Zhilong, the client manager, equated obtaining insurance for humanoid robots to purchasing medical insurance for humans, underscoring its significance in safeguarding against unexpected costs and risks.
Moreover, leading insurance companies, including PICC Property and Casualty Co Ltd and China Pacific Property Insurance Co Ltd, have introduced related products to cater to the growing demand for insurance coverage for humanoid robots. These initiatives aim to support industrial innovation and enhance market adoption of advanced technologies, as emphasized by experts in the insurance sector.
As the integration of humanoid robots into various aspects of society becomes more prevalent, the need for comprehensive insurance coverage becomes increasingly crucial. Zhou Hua, the dean of the School of Insurance at the Central University of Finance and Economics, highlighted the multifaceted risks associated with humanoid robots, emphasizing the pivotal role of insurance in fostering a safe and sustainable environment for humans and robots to coexist harmoniously.
While challenges persist, such as limited public awareness and pricing complexities, experts anticipate that with the establishment of robust data-sharing platforms and dynamic pricing mechanisms, the humanoid robot insurance market will witness significant growth and serve as a vital component in shaping the future of technologically driven societies.
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