Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the adequacy of existing insurance arrangements to cover liabilities arising from the use of autonomous artificial intelligence systems.

Working closely with the Bank of England, the Financial Conduct Authority and other relevant bodies, the Government continues to monitor the opportunities and risks associated with the increasing use of artificial intelligence (AI) technology across the economy.

The Government's current view is that the existing regulatory framework is well placed to manage the evolving risks associated with AI, while supporting innovation and growth. Firms remain responsible for managing the risks arising from their activities, including the use of AI systems, and insurers continue to assess and price risks in accordance with existing legal and regulatory requirements.

The safe adoption of AI by the financial services sector is a major strategic opportunity, with the potential to power growth across the UK. As set out in the government’s Financial Services Growth and Competitiveness Strategy, the ambition is to make the UK ”the world’s most technologically advanced global financial sector”, leveraging the UK’s dual strengths in FS and AI to drive growth, productivity, and so deliver customer benefit.