Toyota Insurance partners with Swiss Re European risk rating system

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Updated 8/11/2023

The automaker has announced that it is joining the insurer’s vehicle risk rating system.

Toyota insurance has become the latest partner in the Swiss Re platform that assigns a vehicle risk score to make it easier for insurers to calculate premiums that take new safety features into account.

This new partnership will apply to the Toyota and Lexus vehicle models rolling out in Europe.

By way of this partnership with Toyota Insurance Services (TIS)/Toyota Insurance Management Europe, Swiss Re’s Advanced Drivers Assistance Systems (ADAS) risk score will be extended to the automaker’s vehicles including Lexus models. Primary insurers will then be able to offer preferential rates to owners of those vehicles equipped with insurance and vehicle rating system

ADAS provides drivers with additional support in being able to avoid collisions. That said, as this technology remains new, insurers struggle to know which systems and ADAS features are installed within a given vehicle model. They also struggle to know precisely what impact those specific feature combinations will have on safety and on how much drivers can actually use them to avoid collisions.

Toyota Insurance will now be able to attach an ADAS risk score to its vehicle models.

Swiss Re and BMW Group initially rolled out the ADAS risk score in 2019. The purpose of this rating system was to overcome the issues insurers faced in gauging the effectiveness of various vehicle systems. It was also meant to make it possible for vehicle-specific insurance ratings to be generated, which could then be usable by insurers worldwide in their premiums calculations. In this way, the driver assistance systems directly relevant to safety could be taken into account when calculating an individual driver’s premiums.

The risk score rollout for this new partnership is expected to begin in 2021. It will focus exclusively on vehicles in European countries at the beginning. However, the goal is to take this system to a much higher level. According to Swiss Re, it is hoping to integrate the ADAS platform with other automakers, too, resulting in a powerful industry standard.

“We have always aimed to use the data on repairs and, more recently, telematics driving data, to help improve the safety performance of Toyota and Lexus cars and its drivers, said Toyota Insurance Services CEO Michael Kainzbauer. He went on to explain that partnering with Swiss Re allows them to expand on that mission in a way that can be beneficial to their customers. In this way, drivers of the automaker’s vehicles “benefit from optimized insurance premiums that reflect the safety improvements it will deliver, as well as contribute to reducing the overall cost of ownership.”Insurance FAQ'sFAQ’s About Toyota Insurance

1. What is Toyota Insurance?

Toyota Insurance is a service provided by Toyota Financial Services that offers a range of insurance options for Toyota vehicle owners. This includes comprehensive car insurance, extended warranty insurance, and finance protection insurance.

2. How does the Swiss Re rating system work?

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Swiss Re, a reinsurance company, uses a rating system to assess the risk of insuring certain entities or investments. The rating is based on several factors including financial health, claims history, and market conditions. The higher the rating, the lower the perceived risk.

3. How can I apply for Toyota Insurance?

You can apply for Toyota Insurance through Toyota Financial Services. You can contact them directly or speak with your local Toyota dealer who can guide you through the process.

4. Is Toyota Insurance available for all Toyota vehicles?

Yes, Toyota Insurance is available for all new and used Toyota vehicles. However, the type of coverage and premiums may vary depending on the model and age of the vehicle.

5. Can I transfer my Toyota Insurance to another vehicle?

In most cases, you can transfer your Toyota Insurance to another vehicle. You will need to contact Toyota Insurance to discuss the details and any potential changes in your premium.

6. What is the significance of Swiss Re’s rating system?

Swiss Re’s rating system is an important tool for insurers, as it helps them assess the level of risk associated with insuring a particular entity or investment. A high rating indicates lower risk, which can result in lower insurance premiums.

7. Does Swiss Re provide ratings for individual car models like Toyota?

No, Swiss Re provides ratings primarily for companies, countries, and large-scale projects. They do not typically provide ratings for individual car models or brands.

8. What factors influence the cost of Toyota Insurance?

The cost of Toyota Insurance is influenced by several factors including the model and age of the vehicle, the driver’s age and driving history, the intended use of the vehicle, and the type of coverage selected.

9. How does Toyota Insurance handle claims?

Toyota Insurance aims to make the claims process as smooth and hassle-free as possible. In the event of an accident or damage to your vehicle, you can contact Toyota Insurance directly to initiate the claims process. They will guide you through the necessary steps and paperwork.


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