- Singularity has launched SingularityShield Income Cover, the first income protection policy designed for workers whose jobs are threatened by AI automation.
- The coverage uses parametric triggers based on the AI-Displacement Risk Index (AIDR) and official layoff evidence for prompt payouts.
- Policyholders can receive up to 50% of net pay on scheduled paydays for a duration of 3, 6, or 12 months without lengthy claims assessments.
- A recent WEF study predicts 92 million job losses by 2030 due to AI, highlighting the demand for such innovative insurance solutions.
- Initially available for knowledge workers in the UK and US, the product aims for future expansion into other countries and sectors.