2026-10-09 · Source: Insurance Business Canada
Summary in 3 Points • Some cyber insurance policies may not cover incidents caused by AI agents, according to Erik Tifft of BOXX Insurance. • Insurers are now pricing for systemic exposure from AI attacks, which could affect multiple policyholders simultaneously. • BOXX recently added affirmative cover for AI-related incidents to its commercial cyber policy, clarifying coverage for clients. --- Erik Tifft, global head of underwriting at BOXX Insurance, warns that some cyber insurance policies may exclude coverage for incidents caused by AI agents. Insurers are adapting to the evolving risk landscape, pricing for the potential systemic exposure that AI attacks could create, impacting multiple policyholders at once. This shift reflects a growing recognition of the unique challenges posed by AI in the cyber insurance market. In response to these emerging risks, BOXX has introduced affirmative coverage for AI-related incidents in its commercial cyber policy, aiming to eliminate ambiguity for clients and brokers. As companies increasingly adopt AI technologies, they must ensure their insurance policies adequately cover potential risks associated with AI, including systemic attacks. Brokers play a crucial role in guiding clients to assess their coverage needs in light of these developments. Insurers are adapting to systemic risks from AI attacks, which could impact coverage in the cyber insurance market, necessitating clearer policy language.
Insurers are adapting to systemic risks from AI attacks, which could impact coverage in the cyber insurance market, necessitating clearer policy language.