On February 12, 2025, EIOPA issued a consultation on governance and risk management of AI in the insurance sector. The Opinion outlines the principles for insurance undertakings regarding AI use, encouraging them to assess risks associated with various AI use cases. It emphasizes the importance of developing governance measures in relation to data processing, autonomy of AI systems, and their impact on non-discrimination and financial inclusion. This guidance aims to help integrate AI responsibly in the insurance value chain as well as comply with EU regulations.
The Opinion aims to clarify principles and requirements for AI systems in the insurance sector, focusing on governance and risk management principles.
Undertakings must assess AI risks, considering data sensitivity and the potential impact on non-discrimination rights and financial inclusion.
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