James Dalton, Association of British Insurers (ABI) head of motor insurance, said: "A car is potentially a lethal weapon."
He added that "radical action" is needed to "reduce the tragic waste of young lives on our roads, especially among the 17-24 age group".
An ABI spokesman told The Daily Telegraph: "Any restrictions to limit the number of passengers young newly qualified young drivers can carry for an initial period after passing their test would be a step in the right direction."
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The annual event has earned a place in the record books ahead of the grand final of the 60th anniversary show in Austria this evening.
Local authorities said the move is necessary to "avert the growing number of deaths and increasing harm linked to psychoactive substances".
Some students argued that the centuries-old tradition of wearing gowns, suits and mortarboards to exams was 'archaic' and looked elitist.