Capturing the Opportunity from Insuring AI Risks
Attend a free webinar on January 21 with leaders from Lockton, Liberty Mutual and CFC Underwriting on insuring AI risks, and learn about “ARIA”, a free program to help (re)insurers create or modify their products to capture that opportunity.
AI risks are plentliful
According to the Harvard Law School Forum on Corporate Governance, AI was ranked # 1 among Board-identified risks, surpassing Cyber.
So how can insurers prepare for arguably the biggest emerging risk of the century? Should the industry stop covering AI related risks? Adapt existing policies? Or will we see a new line of business emerging?
For commercial insurers, the race is on to pinpoint the exposure created by AI (especially within Cyber, D&O, E&O, R&W) and create a game-plan for existing – and future – policies.
Market Context & Opportunity
The AI insurance landscape is evolving rapidly:
- $13T in AI-driven economic value expected by 2030
- 70% enterprise AI adoption projected within 5 years. 200% year-over-year increase in AI-related claims
- $10B+ in AI governance spending by 2026
- AI surpassing Cyber as #1 board-level risk concern
Let's address it
See what you can look forward to at our January 21 at 4pm GMT/11am EST webinar.
In this brand-new webinar you’ll:
- Discuss how existing policies (Cyber, D&O, E&O, Reps & Warranties) need to change to account for the new risks from AI
- Understand the tactics insurers can take to protect themselves: Adding specific provisions and limitations, accounting for AI oversight and AI-driven decision-making and determining liability when errors involve both human and AI recommendations
- Find out how the risk data should be measured - in underwriting and post-binding – to price and reduce the AI risks
- Debate the opportunity for the creation of new AI products to meet policy holders’ needs
You’ll hear from:
- Paul Larson, President of Specialty Financial Lines, Liberty Mutual Insurance
- Jack Bassett, AVP Professional & Executive Risk, Lockton
- George Beattie, Head of Innovation, CFC Underwriting
- Moderator: Matt Van Itallie, CEO, Sema AI
Secure your place here and you’ll receive the recording even if you can’t make it on the day.
ARIA: Defining the Future of AI Risk Insurance
The AI Risk Insurance Assessment initiative, ARIA, combines cutting-edge AI expertise with insurance industry best practices to create the definitive framework for AI risk coverage. Participants in the program will get:
Advanced Risk Assessment Framework
- Comprehensive risk taxonomy
- Quantitative assessment methodology
- AI-specific underwriting criteria
- Real-time monitoring protocols
- Governance evaluation metrics
Strategic Coverage Architecture
- Coverage structure optimization
- Distribution strategy blueprint
- Pricing model frameworks
- Reinsurance strategy integration
- Competitive differentiation strategy
Implementation Blueprint
- Technical requirements specification
- Capability assessment framework
- Risk control protocols
- Claims validation methodology
- Incident response procedures
Customized Business Plan
- Market size modeling
- Revenue projection scenarios
- Resource requirement analysis
- ROI modeling & sensitivity analysis
- Competitive positioning strategy
The Impact
Organizations managing AI risks can capture $10B in value over the next decade. This assumes a 3-5% market share and a 10% efficiency advantage in loss ratios. Early movers could realize up to $15B in value through faster adoption, superior pricing, and cross-selling. Market leadership leads to premium advantages and operational efficiencies. The difference depends on speed and execution. Early movers could gain a 7-8% market share and benefit from data network effects.
