Speaking at the Geneva Association Summit 50, MAPFRE’s Chairman and CEO, Antonio Huertas explained that the industry “must legislate on the ethical risk of AI”, emphasizing that this must be done judiciously.
He explained that “on a global stage, Europe has to strike the balance between necessary regulation and stifling competitive advantage”, a motion that follows MAPFRE Open Innovations’ industry-leading report on responsible AI, launched at DIA/ITC Europe.
He also noted how it is necessary to experiment with this technology, in order to know its limits.
Moving forward, Huertas also addressed how cyber risks remain one of the main challenges today. This comes down to the fact that the interconnected world has brought unparalleled convenience and efficiency, but as a result, has also left it exposed to a large number of unprecedented risks.
“As insurers, our responsibility goes beyond financial compensation; we need to help our clients navigate the complex landscape of cyber threats,” he said.
Further, the Chairman also suggested that insurers become more proactive when it comes to assessing feasible options for sharing cyber risks, including with governments via Public Private Partnerships.
Collaborative efforts between insurers and governments could play a critical part in enabling cyber protection gaps to be narrowed, as well as ensuring that the full societal benefits of cyberspace can be realized.
Lastly, whilst speaking on the topic of sustainability, Huertas said: “The global transition to a low-carbon model must be socially fair. We can’t deprive one generation of their livelihoods with the promise that the next will inherit a better planet. Developing countries are responsible for only 20% of global emissions. Asking them to pay a disproportionate price to facilitate the energy transition means condemning them to decades more of unfair inequalities.”
In a final call to action, Huertas said: “Let us seize this moment to reimagine our industry, to redefine our purpose, and to leave a lasting legacy of positive change. We don’t just protect against risk. We facilitate social and economic progress.”
