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Virtually all American International Group Inc. commercial property/casualty insurance policies will begin to affirmatively cover or exclude physical cyber exposures as of January 2020, the insurer said Thursday.
AIG said this addresses market concerns that traditional commercial insurance policies across the industry, from property to general liability, are often silent about cyber coverage.
The statement said AIG began its multi-year transition to affirmative cyber coverage in 2014 with its CyberEdge PC policy, which was designed to help fill gaps in any property and casualty policy where cyber coverage may have been inadequate, silent or unclear.
In 2016, it introduced CyberEdge Plus, which was specifically designed to provide affirmative primary coverage for a broad range of cyber risks, the statement said.
In 2016, AIG also began introducing affirmative cyber coverage in its existing property/casualty lines when it enhanced its global kidnap and ransom policy to specifically address cyber as a peril, the insurer said in its statement.
A survey has found that the global insurance sector is considerably less concerned about silent-cyber exposures due to an absence of large-scale attacks this year.
After spending the past couple of years reunderwriting its book of business, American International Group Inc. will embark on a program to overhaul its infrastructure and processes, CEO Brian Duperreault said Thursday as the insurer detailed improved results for the 2019 second quarter.