Scaling AI in finance: systemic risks, resilience and European sovereignty
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EIOPA article on artificial intelligence moving from experimentation to widespread use in insurance and its systemic risks. It considers the EU framework (DORA and the AI Act) robust, with implementation as the priority, and warns of dependence on non-European providers.
Key points
- 65% of 347 surveyed insurers already use generative AI and another 23% plan to
- Advanced AI makes cyberattacks more sophisticated and cyber risk harder to model
- The ESAs back the ESRB warning on systemic cyber risk from frontier AI models
Who is affected
Insurers, technology providers and supervisors
Plain-language version
EIOPA, the EU watchdog for insurers and pension plans, reports that 65% of 347 insurers surveyed already use generative AI and another 23% plan to. It warns that AI also makes cyberattacks more sophisticated and that the sector depends on non-European suppliers. It thinks current laws are enough; the priority is applying them properly.
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Summary produced with artificial intelligence from the official publication. It may contain errors: always check the original document.
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