The Artificial Intelligence Act in an actuarial context

The result report analyzes the impact of the EU AI Act on the insurance industry, particularly on actuaries. The AI Act, which came into force on August 1, 2024, regulates AI systems based on risk levels. High-risk systems, such as those used for risk assessment and pricing in health and life insurance, are subject to strict requirements. Insurers must ensure transparency, data quality, and monitoring to comply with regulations and strengthen customer trust.