Vital role of re/insurance in mitigating AI risks in health sector: Swiss Re

In response to Swiss Re Institute’s recent report revealing the health sector’s increased vulnerability to AI-related threats, Pravina Ladva, Group Chief Digital & Technology Officer at Swiss Re, highlights the critical role of re/insurance in mitigating these risks and fostering the digital trust essential for maximising the benefits of emerging technologies.

The analysis indicates that the health and pharmaceuticals sector is poised to face the most significant impact from artificial intelligence (AI) over the next decade.

As AI technology becomes increasingly integrated into various functions of the health industry, including administration, patient monitoring, diagnosis, and drug development, the associated risks are also escalating, with potential serious or fatal consequences.

Christoph Nabholz, Chief Research & Sustainability Officer at Swiss Re, stresses, “While IT services are currently the most affected by AI risks as a pioneer in this area, this is set to change as the use of technology becomes more widespread across all industries, such as in health and mobility.

He continues, “Insurance companies are therefore starting to introduce specific cover for AI performance failures – one of the biggest risks for all industries.”

Ladva asserts, “The benefits of AI are significant for a broad range of industries, but there are also risks that can lead to potential vulnerabilities.”

“Given its role as a shock absorber, the re/insurance industry has an important role to play in addressing AI-related risks and helping build the digital trust needed to harness the full potential of such emerging technologies,” Ladva concludes.

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