In recent years, the intersection of artificial intelligence (AI) and the insurance market has witnessed a transformative wave, fuelling improvements in data processing, driving up the efficiency of analysis and enhancing predictive power. As insurers navigate an era of unprecedented data availability, AI emerges as a potent catalyst, enabling the industry to unlock new possibilities and address age-old challenges; the infusion of AI technologies promises to revolutionise the insurance sector, fostering innovation, accuracy and agility in an ever-evolving market.

The Maturity of Generative AI in the Specialty and Reinsurance Markets

Generative AI is one of the most talked about topics within the Lloyd’s market. It presents a unique opportunity for the specialty and reinsurance sectors to revolutionise their operations and products and while there are challenges to overcome, particularly around talent, governance and data, the potential benefits are substantial. The LMA was delighted to co-host a launch event with Oxbow Partners and contribute the foreword for the report.

Download the report, The Maturity of Generative AI in Speciality and Reinsurance Markets.

12 February 2024

AI Regulatory Developments – Understanding the Obligations and Risks

AI/large language model (LLM) technology is perhaps the greatest operational change in recent industry memory. In this blog, our Legal Trainee Thomas Singleton explores obligations and risks associated with new AI regulatory developments.

Read the full blog here.

12 February 2024

LMA Response to PRA and FCA Consultation Paper

We have reviewed and obtained the views of our members for the FCA and PRA’s Discussion Paper DP22/4 on Artificial Intelligence (AI) and machine learning which was published in October 2022. DP5/22 aims to understand how AI may affect the prudential and conduct supervision of financial services firms.

LMA Response to PRA and FCA AI and Machine Learning

10 February 2024