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A post on a post. AI has an insurability problem, which the insurance industry recognises and is moving to address. With solutions that may have a profound effect on those using AI. The problem with AI, like that with cyber, is that the insurance industry has no idea how to underwrite AI-related risks, as claims data is yet to grow to a significant enough size on AI exposures.
The other issue with AI insurance is the uncertainty of AI risks. AI is becoming an indispensable tool for many organisations, and ownership of the underlying data that insurance companies and the insured consume to build, text, and operationalise AI is ambiguous. Ambiguity that could lead to the voidability of AI insurance policies, unless there is transparency of AI usage, corporate dependency, and a clear understanding of governance, oversight, and assurance of AI.
We may see more insurance exclusion clauses for AI risks as the depth and breadth of AI use and the implications of AI risks are felt by the insurance industry.
Gerry Kennedy Carly Martin @Thaddeus Dziekanowski
@Parava Security Solutions
#artificialintelligence #aiinsurance
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