A new report from Allianz Global Corporate and Speciality (AGCS) has concluded that while AI-based technologies will bring in benefits for insurers, they will also create new loss and liability scenarios. Technologies such as chatbots, autonomous vehicles and connected machines are becoming more common in everyday life for many people. Allianz's report The Rise of Artificial Intelligence: Future Outlook and Emerging Riskspoints out that while AI brings many advantages for businesses – increased efficiency, fewer repetitive tasks, better customer experience – it could leave companies open to cyberattacks or technical failures that would cause large disruptions, leading to'extraordinary financial losses'. Michael Bruch, Head of Emerging Trends at AGCS, advised: "Active risk management strategies will be needed to maximise the net benefits of a full introduction of advanced AI applications into society." It is already estimated that a major global cyberattack has the potential to trigger losses in excess of $50 billion but even a half-day outage at a cloud service provider has the potential to generate losses of around $850 million, AGCS said.