Insurance Lobby Chief Slams EU’s AI Rules as Unimplementable
EU’s New AI Law Leaves Businesses in the Dark, Says AXA Executive
brussels, Belgium – As the European Commission embarks on its new mandate, business leaders are calling for a reassessment of recent legislation, arguing that overly stringent regulations are stifling innovation and competitiveness.
Frédéric de Courtois, Deputy CEO of AXA and President of Insurance Europe, expressed concerns over the EU’s landmark Artificial Intelligence Act, which imposes strict rules on high-risk AI systems. While the Act has been lauded by some as a groundbreaking step towards ethical AI development, de Courtois believes its complexity and prescriptive nature are hindering progress.
“I have no clue how to implement the AI Act,” de Courtois told Euronews, highlighting the lack of clarity surrounding its practical request. ”The European approach is to try to have an answer on everything, which I think is not the right way to do it. We should make sure that we do not regulate before innovating.”
De courtois emphasized the potential of AI in revolutionizing the insurance industry, citing applications in pricing, claims processing, and underwriting.He argued that concerns about bias and privacy can be addressed through a set of guiding principles rather than a 144-page legal document.
His comments come as European commission President Ursula von der Leyen pledged to streamline regulations and prioritize competitiveness during her second term. Von der Leyen acknowledged the need to balance environmental protection with economic growth,particularly in light of the EU’s enterprising climate goals.De Courtois echoed this sentiment, stressing the urgency of addressing climate change while advocating for a pragmatic and flexible approach. He pointed to the increasing frequency of extreme weather events, which often result in significant insurance payouts.
“Climate change is the biggest threat we face,” de Courtois said. “But we need to find solutions that are both effective and sustainable for businesses.”
the debate over the EU’s regulatory framework is highly likely to intensify in the coming months as the Commission seeks to strike a balance between innovation, competitiveness, and societal well-being.
In the Dark: AXA Executive Calls for Clarity on EU’s AI Law
Brussels, Belgium – business leaders are voicing concerns over the EU’s new Artificial Intelligence Act, arguing that its complexity is stifling innovation. Frédéric de Courtois, Deputy CEO of AXA and President of Insurance Europe, admits to being “clueless” about how to implement the landmark legislation.
De Courtois, while praising the Act’s intention to ensure ethical AI development, criticizes its incredibly prescriptive nature.He believes a more agile, principle-based approach would be more beneficial, allowing for innovation to flourish before overly detailed regulations are imposed.
“The European approach is to try to have an answer on everything, which I think is not the right way to do it,” de Courtois told Euronews. “We should make sure that we do not regulate before innovating.”
He highlights the enormous potential of AI within the insurance industry, citing applications like automated pricing, expedited claims processing, and more accurate underwriting. De Courtois believes that concerns about AI bias and privacy can be adequately addressed through clearly defined guiding principles, rather than a bulky 144-page legal document.
His comments arrive amidst a broader discussion on the EU’s regulatory landscape. European Commission President Ursula von der Leyen has committed to streamlining regulations and championing competitiveness during her second term,acknowledging the need to balance ambitious environmental goals with economic growth. De Courtois echoes this sentiment, emphasizing the urgency of tackling climate change while advocating for pragmatic and flexible solutions.
he points to the increasing frequency of extreme weather events as a pressing concern for the insurance industry, frequently enough resulting in substantial payouts.”climate change is the biggest threat we face,” de Courtois asserts, “But we need to find solutions that are both effective and enduring for businesses.”
As the Commission navigates this complex terrain, the debate over the EU’s AI regulation and its broader regulatory framework is likely to intensify in the coming months. Finding the right balance between innovation, competitiveness, and societal well-being will be a defining challenge for the EU in the years ahead.