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    EU-US Insurance Forum in March to Focus on Cyber Risk and Insurtech

    February 17, 2020

    The EU-US insurance project public forum is planned for March 13 in Washington DC. EIOPA has published agenda for the forum, which will be led by representatives of EC, EIOPA, Federal Insurance Office of the U.S. Department of the Treasury (FIO), and the National Association of Insurance Commissioners (NAIC). The discussions will focus on approaches, practices, and solutions for addressing the multi-fold challenges, risks, and opportunities in the areas of cross-border insurer cyber-security risk, development of cyber insurance market, and the future of big data and artificial intelligence in insurance.

    According to the agenda, the following panel discussions have been planned:

    • Confronting cross-border insurer cyber-security risks. This panel will address how the insurance industry and regulators can enhance insurance sector cyber-security, including how best to continue and enhance cross-border coordination and information-sharing among all stakeholders.
    • Development of cyber insurance market. This panel will discuss approaches for collecting data and developing techniques supporting more sophisticated assessment of cyber risks and potential accumulation risks. Taking into account the global character of cyber risks, panelists will elaborate on whether globally harmonized standards could facilitate further understanding and underwriting of cyber risks. The discussion will further include the role and use of risk pools to provide additional capacity to tackle the potential systemic nature of cyber risk.
    • Future of big data and artificial intelligence in insurance.. Panelists will discuss insurers’ use of third-party vendors and how the regulatory framework addresses big data accuracy and new vendors operating in the insurance marketplace. Panelists will also discuss privacy protections and disclosures to applicants and policyholders. Panelists will explore the associated opportunities and risks of insurers’ use of artificial intelligence and corresponding regulatory responses in the US and EU, such as the development of artificial intelligence principles including ethical aspects. Finally, panelists will discuss the regulatory review of predictive models, including but not limited to assessing transparency and explainability issues arising from the use of machine learning algorithms.

     

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    Keywords: Europe, Americas, EU, US, Insurance, Cyber Risk, Artificial Intelligence, EU-US Forum, Insurtech, Cyber Insurance, Big Data, EC, NAIC, EIOPA

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