American International Group, Inc. (AIG) has raised its property terrorism insurance limits globally to $1 billion. 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.
AIG’s prior limits for property terrorism insurance was $250 million, including in high concentration risk areas in major urban central business districts.
In many larger cities, typically those classified as Tier 1 terrorism risks, there is limited capacity for clients seeking terrorism coverage. At the same time, AIG has found that more clients, particularly those operating as multinationals, are looking to protect themselves worldwide risks, including terrorism.
In expanding its appetite for terrorism risk, AIG said it will incorporate its data analytics and risk engineering capabilities, including new and proprietary terrorism risk engineering services, as well as enhanced risk selection tools.
In 2015, AIG made a strategic investment with Clemson University to establish a risk engineering and systems analytics center to enhance the skills sets and capabilities of its more than 600 engineers, and improve the company’s overall efforts to use data analytics for the company and its clients.
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