27 October 2016 Insurance

AIG quadruples capacity for terrorism risk

American International Group (AIG) has increased its property terrorism insurance capacity to $1 billion – previously $250 million – as part of the introduction of new and proprietary terrorism risk engineering services.

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.

“In many larger cities, typically those classified as Tier 1 terrorism risks, there is limited capacity for clients seeking terrorism coverage,” said AIG.

“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.”

As part of this expansion, 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.

George Stratts, president of property and special risks, commented: “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.”

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