Munich which is known for its extensive public transportation system that consists of underground buses, trains and trams have recently taken off with a new hyperloop transport system.
The German reinsurance company, Munich Re, has recently been working on a new form of capsule transportation called the Hyperloop.
The Hyperloop Transportation Technologies (HTT) based in California has entered a partnership with Munich Re to develop insurance ensuring the HTT can manage risks.
The CEO and co-founder of HTT, Dirk Ahlborn made it clear that the regulation of this new form of system would be it’s the biggest challenge yet.
The aim of creating this means of transportation is to transport people in low-pressure capsules utilizing the electromagnetic propulsion at 600kms per hour, this means that a trip to Munich and Berlin should be nothing more than 30 minutes,this idea was first brought up in 2013 by Musk, the head of SpaceX and electric automaker Tesla.
Munich Re is not the only company working to build their hyperloop transportation technology; the Virgin Hyperloop One is also a competitor as it recently made money from Richard Branson’s Virgin Group.
Built On Trust
Apart from getting insurance undercover, the Hyperloop technology depends greatly on being well funded and gaining the trust of the society as many people have doubted if the creation of Hyperloop transportation system is even possible.
The company Munich Re was recently asked to carry out a risk report of the project, and it was found feasible. In a report, they stated that although the technology is not yet proven in the real world, the Hyperloop system of transportation is very viable and is a realizable integrated system.
A Munich Re board member, Torsten Jeworrek also says that such technological shifts like the rise of the Hyperloop transportation technology increase the new insurance needs that demand innovative solutions.