AIG Expands Property Terrorism Insurance Capacity to $1 Billion; Establishes Global Terrorism Risk Engineering Services
October 26 2016 - 8:10AM
Business Wire
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20161026005895/en/
AIGMedia:Matt Gallagher,
212-458-3247matthew.gallagher2@aig.comorInvestors:Liz Werner,
212-770-7074elizabeth.werner@aig.com
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