AIG Launches Primary Cyber Coverage for Property and Liability Exposures

July 19, 2016 at 8:36 AM EDT

NEW YORK--(BUSINESS WIRE)--Jul. 19, 2016-- American International Group, Inc. (NYSE:AIG) today announced it has launched CyberEdge Plus, a standalone policy specifically designed to provide clients with primary insurance protection for a broad range of cyber risks, including property damage, bodily injury, business interruption, and product liability.

Using AIG’s cyber, casualty, and property capabilities, CyberEdge Plus is the first primary coverage written by any carrier in a standalone policy specifically to address these cyber exposures.

“Cyber is a peril. It can no longer be considered a risk covered by a traditional network security insurance product,” said Tracie Grella, Global Head of Cyber Risk Insurance, AIG. “Companies in all industries need access to coverage for property and liability exposures that come with cyber connectivity, and they need that coverage to start at the primary level.”

To offer this coverage, AIG has combined its cyber insurance and risk mitigation offerings and partnerships with the knowledge, data, and experience developed over decades of underwriting, evaluating, and mitigating property, casualty, and financial line risks.

AIG was the first carrier to offer cyber event protection for property damage and bodily injury on an excess and difference-in-condition basis through its CyberEdge PC policy, which was launched in 2014.

The company has been providing stand-alone cybersecurity insurance coverage since the late 1990s to help customers manage risks and cover costs associated with data breaches, from forensic investigations, credit monitoring, and reputation management to business interruption, and compliance with state breach notification laws.

As part of its cyber insurance coverage, AIG offers risk mitigation expertise through a number of cyber specialists that can offer clients independent analysis of their cyber-related exposures and related coverage, as well as assistance with employee training, compliance, threat intelligence, and incident response planning, among other client risk services.

American International Group, Inc. (AIG) is a leading global insurance organization. Founded in 1919, today we 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. Our 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.

Source: American International Group, Inc.

American International Group, Inc.
Matt Gallagher (Media): 212-458-3247; matthew.gallagher2@aig.com
Lauren Kochendarfer (Media): 212-770-3155; lauren.kochendarfer@aig.com
Liz Werner (Investors): 212-770-7074; elizabeth.werner@aig.com