AIG Study: U.S. Ultra High Net Worth Clients Own Nine Homes Overseas, Prefer Property in North & South America; Multinational...
December 01 2016 - 8:15AM
Business Wire
Ultra high net worth (UHNW) clients in the U.S. tend to own
multiple houses overseas, with North and South America the most
popular locations for their foreign properties, according to a
study of proprietary data by AIG Private Client Group, a division
of the member companies of American International Group, Inc.
(NYSE:AIG).
The study’s findings helped the company develop a new
multinational property coverage that serves U.S. UHNW clients with
considerable overseas assets.
The AIG Private Client Group data looked at trends with clients
who pay in excess of $250,000 in annual personal insurance
premiums. These clients have particularly complex coverage and
service needs to go along with their extensive global and domestic
assets.
This population owns nine homes overseas, on average. Mexico,
the Bahamas, and the Caribbean are three of the top 5 locations for
these properties, accounting for 36% of the overseas home count.
Two of the top five locations are in Europe. Overall, more than 50%
of the homes owned by this group are in the Americas. The breakdown
of the top countries follows:
- Mexico – 14%
- Bahamas – 13%
- England – 12%
- France – 9%
- The Caribbean – 9%
This study also found that this segment of UHNW clients also has
on average:
- 19 regular-use vehicles
- $1.7 million in jewelry insured
- $19.6 million of fine art insured
The new AIG Private Client Group offering responds to these
findings. It represents an important multinational collaboration
between AIG’s Commercial and Consumer Insurance segments. It
combines the policy service systems and global presence of AIG
Commercial’s multinational insurance platform with the high-touch
customer service and claims expertise of AIG Private Client
Group.
“No other insurance provider in the high-net-worth space can
provide this level of service in their global coverage,” said
Gaurav Garg, President and CEO of Personal Insurance. “With AIG’s
vast global footprint and capabilities, we are able to take another
step forward in our commitment to being our clients’ most valued
insurer. We are able to provide our high net worth customers with
the AIG Private Client Group claims and underwriting experience
that they are accustomed to, whether their homes are in the U.S. or
overseas.”
In most cases, U.S. UHNW clients have had to rely on multiple
coverages offered by different insurance providers spread across
the globe to insure their overseas property, making it challenging
for both clients and their insurance agents to access cohesive
protection. With the AIG Private Client Group offering, however,
clients can access coverage through one provider and also benefit
from AIG’s risk mitigation and claims expertise.
Multinational property coverage complements other AIG Private
Client Group offerings that are inherently global, including
private collections, personal excess liability, and yacht insurance
policies.
The coverage is also available to AIG Private Client Group
clients with substantial assets but a smaller global footprint.
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20161201005690/en/
AIGMediaMatt Gallagher,
212-458-3247matthew.gallagher2@aig.comorLauren Kochendarfer,
212-770-3155lauren.kochendarfer@aig.comorInvestorsLiz Werner,
212-770-7074elizabeth.werner@aig.com
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