GFIA welcomes IAIS’ call for balanced AI supervision in insurance

The Global Federation of Insurance Associations (GFIA) has responded to the International Association of Insurance Supervisors’ (IAIS) draft application paper on artificial intelligence (AI) supervision, emphasising its shared commitment to ensuring AI is used responsibly while fostering innovation that benefits the insurance industry.

As AI evolves rapidly, GFIA stresses the need for open dialogue between insurers and supervisors. It warns that overly rigid or prescriptive guidelines could quickly become outdated and hinder the industry’s ability to harness AI’s potential.

GFIA welcomes IAIS’s recognition that AI adoption is accelerating, with insurers taking a careful and responsible approach to its implementation.

While the draft paper appropriately addresses AI-related risks, GFIA urges IAIS to also emphasize AI’s benefits, including improved customer service, claims processing, risk assessment, and mitigation.

GFIA supports the draft’s call for proportional, risk-based supervision. The industry operates within well-established regulatory frameworks, and AI should be supervised in a way that builds upon these existing structures, rather than duplicating requirements.

In this context, GFIA highlights the importance of aligning guidance with local regulations. A flexible, dialogue-driven approach between insurers and regulators would be more effective than rigid global guidance.

GFIA maintains that insurers should be responsible for managing AI risks within their control while complying with local laws.

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