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American International Group Inc. on Wednesday said it raised its property terrorism insurance limits globally to $1 billion.
The larger capacity is available to clients separately or as expanded limits within AIG’s Large Limits property insurance policy, which offers clients with all-risk coverage limits up to $2.5 billion per occurrence.
AIG’s prior limit for property terrorism insurance was $250 million, including in high-concentration risk areas in major urban central business districts. In many larger cities, typically classified as Tier 1 terrorism risks, there is limited capacity for clients seeking terrorism coverage, AIG said.
AIG said it will rely on its data analytics and risk engineering capabilities, including new and proprietary terrorism risk engineering services, as well as enhanced risk selection tools.
“Demand from our clients for better protection against this risk has been strong,” George Stratts, president of property and special risks, said in a statement.
The Risk Advisory Group P.L.C. and Aon P.L.C.'s annual Terrorism and Political Violence Risk Map has found that 2015 was the most deadly year for terrorist violence in Europe for over a decade, reported The Sun.