European Commission's aim is to promote AI that is safe and can be used by everyone. In this regard, European insurers can facilitate and contribute to this aim by:
- Providing insurance products and services for producers and users of AI;
- Exploring ways of harnessing the potential of AI to more accurately forecast risk and develop new products that are in line with constantly evolving market demands and realities.
A challenging insurability issues will take place in case of major changes to the existing liability framework. Therefore, creating a separate liability regime for AI, introducing mandatory insurance, removing exemptions to liability or making any changes to the burden of proof are actions that should not be taken as any new rules at EU level would be useful only to address any potential gaps where current rules and regulations are found to be insufficient.
While the PLD is a well-functioning piece of legislation that has provided protection to European consumers for 30 years, it could be strengthened by additional non-legislative guidance on the interpretation of certain of its key concepts in the context of new and emerging technologies.
In order to have a good applicability of the liability regime, existing defence mechanisms should not be removed s this would deter technological innovation and hinder economic development. Also, strict liability and compulsory insurance should not be paired as strict liability schemes only work when the risks to be covered are sufficiently similar and when specific market pre-conditions are met.
Source: Insurance Europe
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