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MGAs identify specialty growth bets in AI, batteries, and carbon credits
The analysis highlights how limited underwriting data, inconsistent standards, and a shortage of specialized expertise continue to shape which new specialty markets MGAs can enter.
Insurance industry research from Coverager points to three emerging specialty markets that may be ready for early entry by managing general agents, or MGAs: artificial intelligence, battery energy storage, and carbon credits and removal projects.
The piece argues that traditional underwriting is still constrained by limited historical data, inconsistent standards, and a lack of specialized expertise, making it harder to separate durable opportunity from temporary interest in new risk areas.
On AI, Coverager says the exposure is not one uniform risk, because different AI applications carry different liability profiles, including employment practices, cyber, and even bodily injury and property damage risks. The article also notes that specialist coverage is starting to take shape, citing Armilla, an AI-focused MGA and Lloyd’s coverholder, which launched affirmative AI liability insurance in April 2025.
Coverager adds that the MGA opportunity is tied to understanding which characteristics drive the likelihood and severity of loss, such as what decisions an AI system can make, the amount of human oversight, and how testing and documentation are handled, and it references risk guidance including NIST’s Generative AI Profile released in 2024.