New EU law regulates the transfer of vehicle data - opportunity or danger for insurers?

New EU law regulates the transfer of vehicle data - opportunity or danger for insurers?

According to a report by efahrer.chip.de, the EU is planning a new law to regulate the sharing of vehicle data with third parties. This also affects insurance companies who are happy to use this data for their own purposes. Allianz Insurance supports the EU's plans and sees them as an opportunity to innovate and strengthen the European digital economy.

The data generated by connected vehicles is extremely valuable to insurers as it provides insights into drivers' driving behavior and the suitability of vehicles for dynamic insurance rates. Allianz plans to use this data to calculate more risk-appropriate insurance offers. In the future, the data could also play an important role in investigating accidents and clarifying liability.

However, the planned provision of vehicle data, particularly in the context of autonomous and AI-controlled systems, also raises concerns. Consumer advocates demand that vehicle owners retain control over their data and can decide for themselves what information is passed on. In addition, the reliability of data transmission and processing by vehicles is questioned, particularly with regard to the accuracy of the data collected and possible effects on the calculation of insurance rates.

Overall, the EU law on the transfer of vehicle data to third parties is expected to lead to increased use of telematics-based insurance tariffs and expand the digital possibilities of the insurance industry. However, it remains to be seen to what extent the planned regulation can actually guarantee the protection of privacy and the freedom of choice of vehicle owners.