Morningstar DBRS: Anthropic IPO puts AI liability risk facing the insurance industry under scrutiny

Anthropic has submitted a Form S-1 registration statement to the U.S. SEC and could list as early as mid-November. Marcos Alvarez, global head of insurance at Morningstar DBRS, said the IPO brings attention to the AI insurance protection gap, and Anthropic warned in the filing that catastrophic AI liability could exceed the insurance industry's underwriting capacity and that some risks may be uninsurable. The agency noted that claim accumulation could occur among policyholders relying on the same AI model, and EIOPA has also expressed concern about concentration risk from reliance on a small number of AI vendors; without separately insuring AI risk, claims may fall under existing liability policies, creating silent AI exposure, and unclear terms and limited claims data may lead to mispricing.