One of the world’s largest insurers of commercial property announced Tuesday that it is increasing its available limits for the risk.
American International Group will begin offering global commercial property limits of up to $2.5 billion per occurrence – a significant increase on its current capacity of $1.5 billion per occurrence available since 2012.
The move responds to growing demand for capacity as well as increasing property values and more complex global risks,
AIG said in a news release. It also reflects the company’s expanded appetite for property risk based on its ongoing expansion of risk engineering and data analytics capabilities.
“Clients are realizing the benefits of AIG’s continued investments to bolster our engineering and analytics capabilities,” George Stratts, Global Head of Property for the company, said in a statement. “We are committed to providing the capacity our clients need and to using a data-driven approach to help 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.”
Over the past four years, AIG has hired more than 500 engineers to provide clieents with risk mitigation services. The company has also partnered with Clemson University to establish a risk engineering and systems analytics center in order to invest in deeper skill sets and capabilities of risk engineers. The partnership is also meant to help transform data-driven insights into action for the company.
In engaging in these actions, AIG hopes to make itself a more attractive option for companies – particularly those operating as multinationals – looking to partner with the most tech-savvy and capable insurance companies.
Higher capacity and greater risk engineering capabilities are two important indicators of that status, the company believes.
