Insurance & the EU AI Act

The insurance sector has a unique relationship with data and AI. As the EU AI Act moves forward, industry leaders are advocating for a balanced approach that respects existing sectoral legislation.

Unique Human Oversight

Unlike other industries, insurance already has built-in oversight: actuaries. Key function holders play a pivotal role in pricing and underwriting, providing a level of human-in-the-loop validation that is second to none.

Key Industry Positions

• Supervision: EIOPA and national authorities should remain the primary regulators to ensure sector-specific expertise is applied.
• Consistency: Avoid regulatory overlaps with Solvency II and the IDD (Insurance Distribution Directive).
• Proportionality: Only AI systems impacting fundamental rights should fall under high-risk requirements.

Proportionality Concerns

Leaders are calling for a narrower definition of AI to avoid capturing traditional mathematical models. The goal is to focus on truly distinctive ML/DL systems that present new types of risks to consumers.