Market – January 2024
Find out more about the insurance news of this month.
- CCB report 2023
- AAE Discussion Paper : “What should an actuary know about Artificial Intelligence?”
- AXA : Belgium is aware of climate change, cyber attacks and social tensions
- Sustainability reporting by listed companies – Taxonomy regulation
- Allianz Risk Barometer 2024
CCB report 2023
The Center for Cybersecurity Belgium (CCB) has just released its report, it covers only the first nine months of 2023. This publication comes just before a European cybersecurity summit scheduled for January 18th and 19th in Brussels.
Find the report here.
AAE Discussion Paper : “What should an actuary know about Artificial Intelligence?”
The Actuarial Association of Europe (AAE) has released a paper titled “What should an actuary know about Artificial Intelligence?”. The paper addresses the increasing adoption of Large Language Models (LLMs) like ChatGPT by actuaries, highlighting both promises and potential risks. Actuaries are urged to familiarize themselves with AI tools, especially those working in insurance, business, pensions, social security, and other fields. The paper emphasizes the importance of actuarial expertise in ensuring responsible use of AI, identifying potential dangers when underlying assumptions are invalid. Actuaries are seen as having a crucial role in shaping AI regulation, particularly in insurance and pensions, as highlighted by the EU’s AI Act.
AXA : Belgium is aware of climate change, cyber attacks and social tensions
Climate change and cyber-attacks remain the two biggest concerns for Belgians. There’s a growing unease about the risks associated with artificial intelligence (AI) applications. According to AXA’s tenth Global Future Risks Report, 128 Belgian experts and 1000 citizens express concern that the government and private sector in Belgium are inadequately prepared for AI and big data risks. Globally, AI and big data have risen to the fourth position in experts’ risk assessment.
Belgians show a lack of confidence in their government and businesses, with only 17% of the population and no Belgian experts feeling adequately prepared for AI and big data risks. Despite a heightened fear of AI and big data, climate change remains the top concern for both Belgian experts and citizens. Additionally, social tensions and movements are rising worries, with academics and researchers regaining trust for mitigating global crises.
Sustainability reporting by listed companies – Taxonomy regulation
The FSMA has issued a communication detailing information obligations for listed companies under Article 8 of the Taxonomy Regulation. This initiative seeks to consolidate and summarize crucial aspects of the regulation, enhancing companies’ comprehension and assisting in the preparation of their present and future reporting responsibilities. The goal is to facilitate a clearer understanding and compliance with the requirements.
Find the report here.
Allianz Risk Barometer 2024
According to the Allianz Risk Barometer, cyber incidents, including ransomware attacks and data breaches, are the top global business concern in 2024. Business interruption ranks second, followed by a notable rise in natural disasters to the third position. In Belgium, the primary risks are cyber incidents, business interruption, and natural disasters.
Despite a slight decrease in concern for skilled labor shortages globally, it remains a significant risk in some regions. The report highlights the growing threat of cybercrime, increased reliance on supply chains, and the impact of extreme weather events as major challenges for businesses worldwide.
Find the report here.
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