Insurance market response to challenges imposed by artificial intelligence

Glintić, Mirjana (2024) Insurance market response to challenges imposed by artificial intelligence. In: Causation of damage, damage compensation and insurance : Proceedings from XXVII international scientific conference. Institute of Comparative Law, Belgrade; Valjevo, pp. 33-49. ISBN 978-86-82582-21-2

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Abstract

The author analyzes the challenges that the use of artificial intelligence poses to legal professionals and legal science concerning the regulation of new modern technologies and indemnification of damage arising from their usage. As the majority of the lay public believes that introducing mandatory liability insurance will resolve all emerging challenges related to the use of artificial intelligence, the central part of the paper is dedicated to researching realistic and legally grounded possibilities of the insurance market in this regard. The fundamental dilemma faced by insurance companies is whether their existing insurance policies are sufficient to provide protection against damages caused by the use of artificial intelligence or whether it is necessary to develop and offer new specialized policies. In this context, the paper also analyzes the newly adopted EU Artificial Intelligence Act and the proposed Directive on Liability for Artificial Intelligence, as they contain clear indications of the requirements that will be imposed on the insurance market.

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