The proposed law looks to establish clear guidelines for use and accountability of AI, amid wider concerns that APAC insurers could be lagging behind the technology.
Insurers including QBE, Tokio Marine, and Prudential will be subject to the new IAIS standard which will be applied in a two stage process starting in 2026.
Motor insurers are anticipating opportunities that will arise from mandatory third-party liability, but changes have the potential to reshape the market.
