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# Bank of England and FCA survey finds 93% of responding insurers use AI
- URL: https://thecoverwire.com/boe-fca-survey-93-percent-insurers-use-ai/
- Published: 2026-10-30T14:05:08.000Z
- Updated: 2026-11-02T11:46:46.000Z
- Description: Insurers run a median of 18 AI systems in production, against 22 at UK banks and 43 at international banks.
- Author: CoverWire
- Tags: AI, Regulation, #desk-risk

Ninety-three per cent of insurers that responded to the [Bank of England and Financial Conduct Authority's 2026 survey](https://www.bankofengland.co.uk/report/2026/artificial-intelligence-in-uk-financial-services-2026?ref=thecoverwire.com) of AI in UK financial services are using AI, the regulators said on 26 October.

Insurers reported a median of 18 AI systems in production, against 22 at UK banks and 43 at international banks and broker-dealers. Across all firms, 86% now use AI, up from 75% in 2024 and 58% in 2022.

The more detailed figures come from the 105 firms that completed the full questionnaire. More of their AI is bought in. Third parties supplied 39% of all systems, up from 33% in 2024, and 53% of the systems firms rated as high materiality, up from 35%. The three largest model and API providers accounted for 54% of firms' relationships, and 98% of firms used at least one of the three largest cloud providers.

Firms' understanding of those systems is thinner. Eighty-one per cent relied on vendor assurance for high-materiality systems supplied by third parties, and 54% said applying model risk management to vendor models was a challenge.

Eighty per cent of those firms said they were using AI agents, but only 2% gave them broad autonomy. Fewer than half had incident playbooks for AI, while 68% kept a central inventory of AI systems.

The survey drew 196 responses, 101 from larger firms and 95 from smaller ones, which could choose a shorter questionnaire.

Fifty-seven per cent of firms rated the risk that AI amplifies cyber threats as high or severe, and 80% expected it to be at that level within one to three years.

Related coverage: [FCA says senior managers are accountable for their firms' AI](https://thecoverwire.com/fca-ai-good-poor-practice-senior-manager-accountability/) and [Moody's finds AI in core work at two-thirds of North American insurers](https://thecoverwire.com/moodys-survey-ai-mainstream-north-american-insurers/).

## Sources

- [Bank of England and FCA, Artificial intelligence in UK financial services 2026, 26 Oct 2026](https://www.bankofengland.co.uk/report/2026/artificial-intelligence-in-uk-financial-services-2026?ref=thecoverwire.com)
- [Coverwire, 19 Oct 2026](https://thecoverwire.com/moodys-survey-ai-mainstream-north-american-insurers/)