10/21/2024 | Press release | Distributed by Public on 10/21/2024 09:09
New York and London - October 21, 2024
To help businesses manage risks arising from developing their own Generative AI (Gen AI) models, AXA XL unveiled new coverage, available by endorsement, to its cyber insurance coverage globally, extending coverage to address specific Gen AI risks.
According to Michael Colao, AXA XL's Global Chief Underwriting Officer, Cyber, "Looking to improve efficiency, improve customer experience, and so much more, more companies are investing in developing their own Generative AI to unlock new possibilities. They must also be mindful of the risks that come with it, such as potential misuse, compliance issues, and the need for robust safeguards to ensure responsible and secure deployment."
AXA XL's new endorsement addresses the following new Gen AI risks that clients may face:
"Our clients sought help navigating this unchartered territory and, with our brokers' input and feedback, we're pleased to develop an innovative, market-leading insurance solution to provide clear coverage for these risks and help them leverage Gen AI without the worry of potential risks and extra costs that could hinder their efforts," Mr. Colao added.
The new Gen AI coverage is available by endorsement to AXA XL's CyberRiskConnect policy, available throughout the U.S and Canada, U.K. and Lloyd's market, and Europe and Asia.
Globally, AXA XL offers a range of cyber insurance products and services to help businesses protect themselves against cyber threats. Offerings include coverage for investigating and managing cyber incidents, financial protection against liabilities, and risk management services to strengthen cybersecurity.
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ABOUT AXA XL
AXA XL provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com
ABOUT AXA XL INSURANCE
AXA XL Insurance offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com