The AI Insurance Split: Big Carriers Exclude, Startups Fill the Gap — What Underwriters and Brokers Need to Know

In January 2026, Verisk's ISO Form CG 40 47 gave carriers a standardized way to exclude generative AI from commercial policies. 82% of global P&C policies now carry AI exclusions. Meanwhile, Armilla, Testudo, and Munich Re are building a $4.8B AI insurance market. Here is what the split means for underwriters, brokers, and every company deploying AI agents.