NEW YORK--(BUSINESS WIRE)--Oct. 26, 2016--
American International Group, Inc. (NYSE:AIG) today announced that it
has raised its property terrorism insurance limits globally to $1
billion. The larger capacity is available to clients on a stand-alone
basis or as expanded limits within AIG’s Large Limits property insurance
offering, which provides clients with all-risk coverage limits up to
$2.5 billion per occurrence.
AIG’s prior limits for property terrorism insurance was $250 million,
including in high concentration risk areas in major urban central
business districts.
In many larger cities, typically those classified as Tier 1 terrorism
risks, there is limited capacity for clients seeking terrorism coverage.
At the same time, AIG has found that more clients, particularly those
operating as multinationals, are looking to partner with insurers that
have the capacity and service capabilities to help protect them against
the broad spectrum of risks they face worldwide, including terrorism.
In expanding its appetite for terrorism risk, AIG will rely on its data
analytics and risk engineering capabilities, including new and
proprietary terrorism risk engineering services, as well as enhanced
risk selection tools.
In 2015, AIG made a strategic investment with Clemson University to
establish a risk engineering and systems analytics center to deepen the
skills sets and capabilities of its more than 600 engineers, while
enhancing the company’s overall efforts to transform data analytics into
actionable insight for the company and its clients.
“This coverage provides our clients with market leading capacity that
will respond to terrorist attacks worldwide. Demand from our clients for
better protection against this risk has been strong. With our
reinsurance partners and the investments we have made in analytics and
risk engineering, we are confident in our ability to meet this demand
and help our clients better prepare for, mitigate, and manage a
terrorism event,” said George Stratts, President of Property and Special
Risks.
American International Group, Inc. (AIG) is a leading global insurance
organization. Founded in 1919, today AIG member companies provide a wide
range of property casualty insurance, life insurance, retirement
products, mortgage insurance and other financial services to customers
in more than 100 countries and jurisdictions. These diverse offerings
include products and services that help businesses and individuals
protect their assets, manage risks and provide for retirement security.
AIG common stock is listed on the New York Stock Exchange and the Tokyo
Stock Exchange.
Additional information about AIG can be found at www.aig.com
and www.aig.com/strategyupdate
| YouTube: www.youtube.com/aig
| Twitter: @AIGinsurance | LinkedIn: http://www.linkedin.com/company/aig.
These references with additional information about AIG have been
provided as a convenience, and the information contained on such
websites is not incorporated by reference into this press release.
AIG is the marketing name for the worldwide property-casualty, life and
retirement, and general insurance operations of American International
Group, Inc. For additional information, please visit our website at www.aig.com.
All products and services are written or provided by subsidiaries or
affiliates of American International Group, Inc. Products or services
may not be available in all countries, and coverage is subject to actual
policy language. Non-insurance products and services may be provided by
independent third parties. Certain property-casualty coverages may be
provided by a surplus lines insurer. Surplus lines insurers do not
generally participate in state guaranty funds, and insureds are
therefore not protected by such funds.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161026005895/en/
Source: American International Group, Inc.
AIG
Media:
Matt Gallagher, 212-458-3247
matthew.gallagher2@aig.com
or
Investors:
Liz
Werner, 212-770-7074
elizabeth.werner@aig.com