Munich Re Backs AI Performance Cover
iTOO Special Risks and Munich Re launched an AI performance insurance product in South Africa — the first regional offering to insure AI system underperformance. The move signals growing insurer appetite to underwrite model risk and creates a new angle for vendors selling explainability, auditing, and evidence tools. (it-online.co.za)
The cover is being marketed as aiSure™, the Munich Re–developed AI performance insurance suite. (munichre.com) Mosaic Insurance announced a partnership using Munich Re’s aiSure™ that offers up to €15 million in initial capacity for AI‑vendor risks and employs parametric‑style automatic triggers to accelerate objective claims settlement. (mosaicinsurance.com) Munich Re reports more than 100 specialists working on its insure‑AI initiatives and has published a whitepaper and case study outlining coverage gaps in traditional cyber and technology E&O for AI performance failures. (the-digital-insurer.com) Public filings and local reporting state iTOO will share underwriting risk with Munich Re while receiving training and knowledge transfer to build South Africa’s first dedicated AI‑insurance underwriting capability. (novuspressbulletin.co.za) (novuspressbulletin.co.za) Justin Naylor is listed as iTOO’s CEO and iTOO promoted aiSure™ at its UN‑Conference events featuring Munich Re speakers including Dr. Peter Bärnreuther and Stefano Cavalieri. (pressportal.co.za) (pressportal.co.za) Munich Re describes aiSure™ as covering measurable model underperformance across use cases such as loan decision models and enterprise automation, a structure that creates precursors for demand in explainability, audit logs and standardized performance evidence from AI vendors. (munichre.com)
