The Challenges and Opportunities of Insuring Artificial Intelligence Webinar Recap

This webinar, held on September 10th, explored how the risks posed by AI are being insured – for the developers of AI and for those who deploy it in their business in various ways. Attendees learned about the potential risks associated with the development and deployment of AI, how AI is presently being insured and what is available in terms of insurance, what is anticipated for future insurance offerings.

Key Takeaways

Understanding AI Risks

• Explore the various risks associated with AI development and deployment, including ethical concerns, data privacy issues, and operational liabilities.
• Discuss specific examples of incidents where AI has led to unforeseen consequences in business operations.

Current Insurance Landscape

• Overview of existing insurance solutions for AI, highlighting what is currently available for developers and businesses utilizing AI technologies in Canada.
• Insights into the types of coverage offered and the challenges faced by insurers in adapting to the rapid evolution of AI.

Future of AI Insurance

• Predictions on how the insurance market will evolve to address AI-related risks, including potential new products and policies.
• Discussion on regulatory developments and how they may shape the insurance landscape for AI.

Importance for Professional Liability Practitioners

• Navigating Uncharted Waters: As AI continues to permeate various industries, professional liability practitioners must be aware of how these technologies are being insured and what liabilities they may entail.
• Staying Informed: With the insurance market still grappling with AI-related challenges, staying informed on this topic is crucial for practitioners who advise clients on risk management and insurance options.
• Meeting Client Needs: Understanding AI risks and insurance solutions will better equip practitioners to advise their clients effectively, ensuring they are adequately covered against potential liabilities associated with AI deployment.

The discussion around insuring AI risks is just beginning, and it’s vital for professionals in the field to stay ahead of the curve. Our webinar provided valuable insights into the current state and future of AI insurance, helping practitioners navigate this complex landscape. We encourage our audience to reflect on these insights and consider how they can incorporate this knowledge into their practice.

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Meet the Speakers

Prachi Shah, Senior Counsel, Clyde & Co Canada

Senior counsel at Clyde & Co Canada with an insurance law and civil litigation practice. Advising insurers on a variety of claims and risks. Recognized by Best Lawyers in Canada in insurance law and the Canadian Legal Lexpert Directory in litigation – commercial insurance.

At Clyde & Co, Prachi advises foreign and domestic insurers, provides insurance coverage opinions, and monitor claims against Canadian insureds in various jurisdictions with respect to E&O, professional liability/indemnity, D&O, CGL, abuse, cyber, property and political risk insurance policies. She also advises on the impacts of emerging risks, such as climate change and other environmental risks and tech-related risks, on insurance policies.

In her litigation practice, she has represented not only insurers but various professionals and companies, including IT firms, manufacturers, non-profit and religious organizations, and directors and officers before the courts.

She has been tracking tech-related emerging risks for years. She writes and give presentations on these issues (particularly IoT, AI and cyber risks) to the insurance industry and its clients. She also reviews climate-related risks for the insurance industry.

Aura Radu, Technology Practice Leader, CFC Underwriting Ltd

With over 15 years of experience in the London insurance market as both a broker and an underwriter, Aura joined CFC in 2016. Her strong underwriting acumen and clear leadership potential quickly propelled her to lead the International, Canada, and US teams. Currently, Aura is the Technology Practice Leader, where she drives the strategic direction of the department within a global framework.

Jaymin Kim, SVP Emerging Technologies, Marsh

As SVP, Emerging Technologies, Jaymin helps Marsh clients understand and navigate risks that arise with the convergence of new and existing technologies. She advises Fortune 100 companies and is a frequent speaker on navigating opportunities and risks related to emerging technologies, such as Artificial Intelligence, Extended Reality, blockchain technology, and digital assets.

Jaymin joined Marsh in 2023 from Marsh McLennan where she was previously a Director of Commercial Strategy, helping drive cyber revenue growth across Marsh McLennan’s four subsidiary businesses. Previously, Jaymin led Innovation at a fintech startup, led Capital Advisory Services at an innovation hub that supports over 1,400 startup companies, and was a management consultant at Oliver Wyman with a focus on financial services and information technology.

Karthik Ramakrishnan