American International Group (AIG) News

Demand for Cyber Insurance in China Expected to Rise After WannaCry Attack: AIG

Demand for cyber insurance from firms in Greater China and elsewhere in Asia is poised to soar, based on inquiries received after the “WannaCry ransomware” attack earlier this year, executives at American International Group Inc. said. The American insurer saw …

AIG Discloses It Could Face Claims from London’s Grenfell Tower Fire

American International Group Inc., the provider of commercial insurance, told regulators it could face claims costs from the Grenfell Tower fire that killed dozens of people in June in London. “Our net exposure to loss on this event is currently …

Days of Cyber Insurers Avoiding Costly Claims May Be Numbered: Expert

Cyber crime insurers largely avoided costly claims from the recent attacks that hit business around the globe. The next global virus could change that. “It’s exceptionally likely that we will see an event over the next months that will seriously …

Firms Turn to Kidnap Insurance Policies to Cover Ransomware Losses

Companies without cyber insurance are dusting off policies covering kidnap, ransom and extortion in the world’s political hotspots to recoup losses caused by ransomware viruses such as “WannaCry,” insurers say. Cyber insurance can be expensive to buy and is not …

Willis Towers Watson Launches Cyber Aviation Cover with AIG Collaboration

Willis Towers Watson has introduced CyFly, an insurance solution specifically tailored to cover cyber exposure affecting the airline industry. The recent Willis Towers Watson Industry Risk Index identified failure of critical IT systems as the most significant risk facing the …

‘Systemically Important’ Label Can Be Avoided: Fitch

Fitch Ratings said that newly established transparency about the designation process for globally systemically important insurers (G-SIIs) could help more to proactively stay off the list in the first place. The International Association of Insurance Supervisors, a global standard setting …

Global, Diversified Multiline Insurers Best Placed to Withstand Challenges: S&P

Global, diversified insurers are best positioned to withstand the industry’s top economic and competitive challenges, according to a report published by Standard & Poor’s Global Ratings. Geographic and product diversification help global multiline insurers (GMIs) cope with challenges such as …

Insurers Braced for Claims Surge as 10-Year High Floods Hit India

Insurers from Lombard General Insurance Co. to American International Group Inc. are bracing for a surge in Indian claims to a 10-year high after unprecedented floods last week ravaged Chennai, the city home to factories of Ford Motor Co. and …

Willis UK, AIG Launch Automatically Renewing Policy for Mid-Market

Willis Group Holdings and American International Group, Inc. have launched “Evergreen,” described as “an innovative, new approach to insurance that removes the need for annual policy renewal – the first UK mid-market offering with no renewal date that covers major …

Indonesia Shariah Insurance Growth Attracts AIG: Islamic Finance

Indonesia’s Islamic insurance industry is expanding three times as fast as Malaysia’s, prompting American International Group Inc. and Sun Life Financial Inc. to seek a broader presence in the nation. AIG is considering offering Shariah-compliant reinsurance, known as retakaful, in …