AIG raises commercial property limits to $2.5bn

American International Group (AIG) has raised available global commercial property limits to $2.5 billion per occurrence.

AIG said the move responds to the growing demand for capacity and services by clients managing more complex global risks and increasing property values. It also said it reflects AIG’s greater appetite for property risk based on its ongoing expansion of risk engineering and data analytics capabilities.

The new limit builds 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 centre 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 realising the benefits of AIG’s continued investments to bolster our engineering and analytics capabilities,” said George Stratts, global head of property, AIG.

“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.”