Singapore reinsurers warned of losses from shared AI systems
Source: Singapore Business Review
Published on: 2026-11-04 21:59
Common technology providers could expose multiple insurers to simultaneous failures. The Singapore Reinsurers' Association (SRA) has issued a handbook advising reinsurers to assess how artificial intelligence (AI) used by insurers could affect underwriting, pricing, claims and the risks they take on. The October 2026 handbook focuses on AI systems used by insurers that transfer part of their risks to reinsurers, including systems operated by external technology providers. It identifies five main risk areas: data and model reliability, third-party AI dependencies, underwriting, claims handling and concentration risk. The association warned that reinsurers could face losses when multiple insurers rely on the same AI models, cloud infrastructure or technology providers. A failure affecting a shared system could disrupt underwriting or claims processing across several insurers, potentia...
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