NEW YORK--American International Group, Inc. (NYSE:AIG) today announced that it has significantly raised available global commercial property limits to $2.5 billion per occurrence.
The move responds to the growing demand for capacity and services by clients managing more complex global risks and increasing property values. It also reflects AIG’s greater appetite for property risk based on its ongoing expansion of risk engineering and data analytics capabilities.
Today’s announced limits build on AIG’s capacity of $1.5 billion per occurrence available globally to clients since 2012.
Over the last four years, AIG has continued to invest in the build out of its risk engineering capabilities, hiring more than 500 engineers to provide clients with risk mitigation services. Most recently, 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 risk engineers and to enhance its efforts to transform data analytics into actionable insight for the company and its clients.
At the same time, AIG has found that more companies, particularly those operating as multinationals, are looking to partner with insurers that have the capabilities and coverage limits to help protect them against the broad spectrum of risks they face worldwide.
“Clients are realizing the benefits of AIG’s continued investments to bolster our engineering and analytics capabilities,” said George Stratts, Global Head of Property. “We are committed to providing the capacity our clients need and to using a data-driven approach to help them manage the complexity of their global risks. We want to be a strategic partner for our clients to help them improve their businesses and lower their cost of risk.”
American International Group, Inc. (AIG) is a leading global insurance organization serving customers in more than 100 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
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.