Specialty Insurers Discuss AI Risk and New Coverage Opportunities

Specialty insurers are increasingly examining artificial intelligence risks on a case-by-case basis, though uncertainties regarding liabilities remain a major concern. Executives noted that AI speeds up tasks like submission review and portfolio construction, making insurers reluctant to exclude it from customer policies. Lynanne St. Denis, head of wholesale property and casualty at Navigators, a brand unit of Hartford, stated that excess and surplus lines insurers could help incubate new forms of AI coverage.

The industry is moving toward underwriting AI risks rather than outright exclusion, driven by the speed AI brings to insurance tasks. This shift suggests a potential expansion of the specialty insurance market into new areas of technology risk.