Artificial intelligence

Insurance industry shares position on EU’s Artificial Intelligence (AI) Act


The EU’s Artificial Intelligence Act is one of the world’s first major regulatory packages to respond to this rapidly emerging technological market. As the trilogues begin continue - the EU’s final stages of negotiation involving the European Commission, Council and Parliament – Insurance Europe has published its three key messages:

1. Definition of an AI system: The insurance industry proposes a definition closely aligned with the work of international organisations, in particular the OECD. This will ensure greater certainty and consistency.

2. Classification of high-risk AI system: While insurance should be excluded from the list of high-risk AI systems in Annex III, it is important that any inclusion of life and health insurance is focused on addressing potential concerns related to specific uses of AI. Insurance-based investment products (IBIPs) should not fall under the category of life insurance.

3. Assessment of the level of risk posed by high-risk AI systems: The insurance industry welcomes the inclusion in Article 6 of the Parliament’s text of the possibility that providers falling under one or more of the critical areas and use cases referred to in Annex III may be exempt from the requirements of Title III Chapter 2 if they can demonstrate that their AI system does not pose a significant risk