AI insurance could be a $4.8B market by 2032
The AI insurance market is poised for significant growth, driven by the increasing integration of AI into daily life and the corresponding need for risk management solutions
From self-driving cars to AI-generated content, the rapid integration of artificial intelligence into everyday life is transforming many industries, but along with these opportunities, questions of liability and risk management are taking center stage. Who is liable, for example, if an autonomous vehicle bumps into another car, or if AI-generated content is defamatory? Insurers and reinsurers are beginning to address these concerns by offering AI-specific insurance policies. Analysis by the Deloitte Center for Financial Services estimates that the market for these policies will grow rapidly, increasing at a compound annual growth rate of around 80% per year, eventually amounting to annual global AI insurance premiums of about US$4.8 billion by 2032.
As the market expands, AI insurance policies will be essential in addressing liability concerns and fostering the adoption of AI technologies at scale.
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