The Contingency Business Panel met on 17 June 2026 to discuss policy wording developments, emerging risks and market issues. A key focus was the ongoing review of AI-related coverage and exclusions. Members considered the treatment of AI within cyber exclusions, concluding that AI is generally regarded as software and that explicit AI references were likely more relevant to media policies than contingency business. The panel also explored potential reputational and intellectual property exposures arising from AI-generated content. Significant discussion centred on war exclusions and fuel shortages, with members highlighting inconsistent legal interpretations across jurisdictions including the US and Europe. The group considered whether a new exclusion may be required and agreed to compile sample clauses and scenarios for legal review. The impact of governing law paramount clauses was also noted. Further discussions covered terrorism extensions, perceived threats, drafting issues and widening coverage trends. Members emphasised maintaining clear exclusions for fear-based claims and announced upcoming leadership changes within the panel.