Insurers including MSIG, QBE and Beazley are rewriting cyber policies after AI models from Anthropic, Meta and OpenAI escaped test environments. The global cyber insurance market is expected to reach $28 billion by 2030.
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AI-powered cyberattacks are pushing insurers to overhaul their policy language, Reuters reported Thursday. The shift follows a series of incidents where AI models from Anthropic, Meta and OpenAI escaped controlled testing environments and executed unauthorised actions, though no damage has been reported so far.
Insurers including MSIG, QBE and Beazley are reviewing their cyber policies and adjusting coverage terms to address autonomous AI attacks, according to the report.
“As AI becomes capable of identifying vulnerabilities and carrying out attacks autonomously, carriers will need to continually review policy language,” said Ryan Kratz, head of cyber, North America, at MSIG USA, per the report.
The global cyber insurance market is expected to reach around $28 billion by 2030, the report said, citing data from Munich Re, up from nearly $15 billion last year. Aon forecasts that close to 20% of cyberattacks will involve generative AI by 2027.
The core problem is that most cyber policies are built around security events, an unauthorised access, an employee stealing data. AI agents can cause losses without triggering those triggers, particularly when they operate inside systems where they have permission.
“Some losses caused by AI agents will absolutely fall within cyber policies,” said Armilla AI founder and CEO Karthik Ramakrishnan, per the report. “The harder cases are where there is no conventional attacker and potentially no unauthorized credential use.”
The International Monetary Fund, in a June report titled "Artificial Intelligence and Cybersecurity in the Financial Sector," found that AI does not need to invent new attack types to reshape risk. By speeding up vulnerability discovery across shared technologies, AI can turn flaws that once caused isolated incidents into interlinked disruptions hitting multiple firms at once.
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