What connects a steam engine to a thinking machine
As machines transformed industry, people reshaped cities; the growth on both sides feeding off each other, driving profound social change.
Between 1780 and 1850, England’s population more than doubled (8-18 million)1, while Germany’s nearly tripled between 1816 1910 (24.8-64 million)2. In that same timeframe, the industrial revolution thrived.
Though industrialisation didn’t directly cause this people surge, advances in farming, healthcare, and urban jobs fuelled growth. At the same time, growing populations drove demand for faster, scalable production.
Traditional methods couldn’t keep up. Inventions like the Spinning Jenny (1764)3 and James Watt’s steam engine4 enabled mass production, transforming manufacturing forever.
But progress came with risk: dangerous workplaces became industrial disasters5, overcrowded cities became cholera hotspots6 and economic disruption caused trade-based uprisings. Entire industries had to rethink how they understood and managed risk.
When the past reflects the future
Today, we are once again at a turning point: artificial intelligence is the new steam engine. And where steam engines drove people and products, AI drives innovation. But the fact remains, it is changing how we identify, assess and manage risks.
Companies around the world are being sued for things like copyright infringement and laws on deepfakes are being debated7. The rapid advancement of technology invariably outpaces the evolution of legal frameworks, and companies must start asking themselves:
At Beazley, we develop insurance solutions that protect you even in uncertain times – for companies that work with AI, conduct research or utilise it.
1. https://www.thoughtco.com/population-growth-and-movement-industrial-revolution-1221640#citation-1
2. https://germanhistorydocs.ghi-dc.org/pdf/eng/103_Population%20Density_3.pdf
3. https://science.howstuffworks.com/innovation/inventions/spinning-jenny.htm
4. https://www.britannica.com/technology/Watt-steam-engine
5. https://Hartley Colliery disaster in England
6. https://www.jmberlin.de/en/diary-louis-roehmann
7. https://www.economist.com/the-world-ahead/2024/11/20/the-court-cases-that-could-shape-how-ai-develops