Claims

Aviva to use AI tool to map cyberthreat behavior

Law360, London: On 19 May 2025 Aviva Plc said it has begun using artificial intelligence (AI) tools to map the cyberthreats the companies in its portfolio are most exposed to.

EIOPA calls for clarity in IPIDs relating to natural catastrophe protection

The European Insurance and Occupational Pensions Authority (EIOPA) has published a study analysing the clarity of disclosures in Insurance Product Information Documents(IPIDs) for natural catastrophe (NatCat) coverage in home insurance policies across eight European countries. The study assessed documents provided by insurers and found that while some offered detailed definitions and precise descriptions of natural catastrophe perils, others used ambiguous language and displayed inconsistencies regarding exclusions and optional coverage features. This variability in disclosure may cause consumers to inaccurately assess the extent of their NatCat protection. The study also outlines good practices for insurers to effectively provide information on NatCat coverage and exclusions.

WTW launches insurance solution for fintech companies

Law360, London: Global insurance broker Willis on 12 May 2025 launched an insurance product it said would meet the needs of financial technology companies as they look to grow.

IRSG advises EIOPA on AI governance and risk management

The European Insurance and Occupational Pensions Authority (EIOPA) has published the advice of the Insurance and Reinsurance Stakeholder Group (IRSG) on artificial intelligence (AI) governance and risk management in response to EIOPA’s Opinion. The advice emphasises that, although most AI systems used in the insurance sector are not classified as high-risk under EU Regulation (EU) 2024/1689 (the AI Act), advanced applications in core functions such as underwriting, pricing, and claims management may present risks that warrant targeted oversight. A risk‐based and proportionate approach is recommended given that the regulatory instruments—the Solvency II Directive (Directive 2009/138/EC), the Insurance Distribution Directive (Directive (EU) 2016/97), Regulation (EU) 2016/679 (the General Data Protection Regulation or GDPR), Regulation (EU) 2022/2554 (the Digital Operational Resilience Act or DORA), and the AI Act—collectively establish a supervisory framework. The advice also draws a distinction between insurers that develop AI systems and those that deploy third‐party solutions and calls for tailored measures in the areas of data governance, documentation, transparency, explainability, human oversight, and cybersecurity to correspond with the actual risk and impact involved.