AIG Thailand to launch country’s first cyber insurance policy

New cyber policy targeted towards cyber crime-prone industries such as telecoms, banks, hospitals, and hotels

Insurance News

By Gabriel Olano

AIG Thailand will be launching the country’s first cyber insurance policy this quarter, aiming to serve telecommunication, banking, hospital, and hotel companies. These corporations are usually the most vulnerable to cyber crime.
According to AIG Thailand country manager Tomi LatvaKiskola, policy holders will be covered not only from damages, but also from third-party lawsuits. Unlike other conventional insurance policies, the premiums vary in price, depending on sum insured and liability protection.
Cyber insurance is now part of AIG Thailand’s commercial line, which contributes around 50% of the company’s premium income. This is attributed to the group’s effort to build its brand and present a fresh image for the brand among its customers.
Most clients that buy insurance online are very keen on insurance pricing, but AIG aims to offer its customers with the most value.
For its consumer line, the company aims to grow its motor insurance business, which currently accounts for 13% of its total premium income.
AIG wants to grow its motor insurance segment but it must select which areas to focus on, such as customers in Bangkok, Latva-Kiskola said.

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