Members considered the development of an LMA definition of artificial intelligence and discussed the challenges of drafting AI-related policy language for use in insurance contracts.
The Committee received presentations on AI governance within the Lloyd’s market, covering risk management, accountability, third-party dependencies, agentic AI and emerging governance frameworks.
Members discussed legal and operational risks associated with increasing reliance on AI systems, including issues relating to oversight, auditability, third-party providers and operational resilience.
The Committee reviewed a proposed instruction to counsel on legal issues arising from recent developments in the war and aviation markets.
Members also discussed market developments relating to war, terrorism and cyber risks, including the treatment of state-backed actors and proxy groups, and considered issues surrounding toll payments and the interaction of sanctions regimes in different jurisdictions.
