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Modern supervision in insurance: Balancing AI innovation, hallucination risks, and regulatory coherence

People walking along Eisener Steg
Photo: Thomas Lohnes/Getty Images

Vasilka Lalevska

3 min read
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Recent communication from EIOPA points to increased AI uptake in the sector and a need for coherence between the AI Act and existing EU insurance sector rules.

Around 65% of European insurers are already using generative AI (Gen AI), said EIOPA Chairperson, Petra Hielkema, in a recent speech at the Magic of innovation conference in Vienna.

The data, taken from EIOPA’s latest survey on the use of Gen AI among 347 insurance undertakings from 25 EU/EEA countries,

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