AXA XL has introduced a new cyber insurance endorsement to help businesses manage the specific risks associated with developing and deploying Generative AI (Gen AI) models. This global coverage extension is aimed at protecting companies from the growing threats that accompany the integration of AI technologies into their operations.
Key Generative AI risks addressed by AXA XL’s new coverage
The new Gen AI insurance covers critical risks such as data poisoning, where attackers manipulate the training data for AI models, potentially compromising their performance. It also provides protection against usage rights infringement, which occurs when businesses fail to secure proper permissions for copyrighted materials or intellectual property used in machine learning. Additionally, the coverage helps mitigate liabilities tied to regulatory violations, particularly those related to the European Union’s AI Act.
Innovative cyber insurance for AI compliance and security
AXA XL’s new offering is designed in response to client demand for solutions that allow them to confidently explore the benefits of Gen AI while addressing potential compliance and security challenges. Michael Colao, AXA XL’s Global Chief Underwriting Officer for Cyber, emphasized that this endorsement enables businesses to leverage AI technology without the burden of additional risks and costs.
Global availability of AXA XL’s Gen AI cyber insurance
The new Generative AI coverage is available as an endorsement to AXA XL’s CyberRiskConnect policy, which spans markets in the U.S., Canada, U.K., Europe, and Asia. In addition to this AI-specific offering, AXA XL provides a wide range of cyber insurance products to safeguard businesses against evolving cyber threats, including incident response services, liability coverage, and risk management solutions.
