Emerging risks of artificial intelligence span all sectors - Business Insurance

Artificial intelligence promises to make sweeping changes across society, but a report released Thursday by Allianz Global Corporate & Specialty S.E. The report, The Rise of Artificial Intelligence: Future Outlook and Emerging Risks, says AI comes with both potential and risks in such diverse areas as economic, political, mobility, health care, defense and environmental. AI, the report said, "spans applications in almost every industry and has been predicted to increase corporate profitability in 16 industries across 12 economies by an average of 38% by 2035." The Allianz Risk Barometer 2018 rated the impact of AI and other forms of new technology as the seventh top business risk, ahead of political risk and climate change. Companies face new liability scenarios and challenges as responsibility shifts from human to machine, Allianz Global Corporate & Specialty said in the report.