AIG Expands Property Terrorism Insurance Capacity to $1 Billion; Establishes Global Terrorism Risk Engineering Services
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.
Source: American International Group, Inc.