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MAPFRE Chairman calls to legislate on the ethical risks of AI

Published : Tuesday, November 28, 2023, 6:20 pm
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During his keynote speech at the Geneva Association Summit 50, Antonio Huertas, Chairman and CEO of MAPFRE, will discuss the most important topics facing today’s insurance industry, from the social purpose of insurance, including in emerging markets, to tackling climate change and the opportunities and risks of AI and cyber.

This year’s summit, hosted in Zurich, Switzerland, on November 28-29, welcomes leaders from the world’s top insurance companies to gather and project what the industry will look like in 2050, covering major issues including geopolitical uncertainty, rising energy costs, inflation, and the cost-of-living crisis.

Antonio Huertas' keynote speech will set the scene for the event, watched by industry-leading attendees and many more online from around the world. He emphasizes that “We must legislate on the ethical risk of AI, but it must be done judiciously. On a global stage, Europe has to strike the balance between necessary regulation and stifling competitive advantage”, a motion that follows MAPFRE Open Innovations’ report on responsible AI, launched at DIA/ITC Europe. Huertas calls out the need for the industry to pull together to deploy the technology “responsibly, safely, and reliably” to generate a positive impact and minimize the risks.

Huertas also highlights cyber risks as one of the leading challenges of our time, as the interconnected world has not only brought unparalleled convenience and efficiency but also unprecedented risks: “As insurers, our responsibility goes beyond financial compensation; we need to help our clients navigate the complex landscape of cyber threats.”

Huertas calls for insurers to be proactive in assessing feasible options for sharing cyber risks, including with governments via Public Private Partnerships, saying that such collaborative efforts between insurers and governments will enable cyber protection gaps to be narrowed and ensure the full societal benefits of cyberspace to be realized.

Huertas also focuses on the social purpose of insurance, which sits at the core of MAPFRE’s values. This involves the need to support emerging markets, such as Latin America (where MAPFRE plays a vital and transformative role), Africa, and large parts of Asia.

Commenting on sustainability, Huertas says: “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 urges: “Let us seize this moment to reimagine our industry, redefine our purpose, and leave a lasting legacy of positive change. We don’t just protect against risk – we facilitate social and economic progress.”

Antonio Huertas's keynote address, "Insuring the Future, Safeguarding the Planet," will be broadcast live on November 28 at 13:30 Central European Standard Time. Please register to watch it live: https://www.genevaassociation.org/events/geneva-association-summit-50

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