Cyber insurance is lacking

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AIG CEO expresses concern that cyber insurance capacity is falling short Cyber insurance capacity may be seriously lacking, according to American International Group CEO Peter Hancock. Digital threats are becoming more prominent with every passing year. Hackers and malicious groups are beginning to target large companies that have access to valuable consumer information. This information can be stolen and exploited for various types of benefits, leaving consumers to deal with the financial fallout associated with data breach and identity theft. Cyber protection remains somewhat rare, but the market is growing…

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AIG CEO says that cyber insurance has a “very small” capacity

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Peter D. Hancock recently spoke, saying that this coverage is lagging behind what other forms of protection offer. The chief executive officer of American International Group, Peter D. Hancock, has stated that when it comes to cyber insurance, the coverage has fallen behind the type of protection that is available through other types of policy. Hancock expressed his opinions about this coverage against cyberattacks while speaking at a recent event. While talking at New York University, Hancock expressed that “The largest coverage I’m aware of is for a bank that…

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Insurance news from AIG could protect companies from celebrity antics

AIG Insurance company CEO - Building in Manhattan

The insurer has now released a type of coverage meant to protect stars against liabilities from endorsement deals. AIG has announced some of its latest insurance news, which has come in the form of a policy that has been designed to help to protect companies from the losses from a harmed reputation as a result of a celebrity endorser that has taken a wrong turn and has done something that could bring embarrassment, shame, or other damage to the company’s standing. The policies have limits that will protect companies for…

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Insurance industry now equipped to deal with celebrities

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Celebrity behavior could cause endorsement deals to collapse, but the insurance industry is prepared Celebrities can be a costly investment. The behavior of celebrities is often headline-worthy news, as these people can often be very eccentric and unbridled. This can cause trouble for brands that endorse these celebrities, however, and the behavior of celebrities can cause unexpected damage to a company that supports them. Such was the case with Michael Phelps, the most decorated Olympian of all time, when his antics caused his endorsement deals with several companies to collapse.…

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Crashed Virgin Galactic spaceship had $40 to $50 million in insurance coverage

Virgin Galactic Space Tourism insurance coverage

The primary underwriter that will be responsible for the payouts is going to be AIG. The disaster that occurred on Friday when the Virgin Galactic spaceship crashed has approximately $40 to $50 million in insurance coverage, and the main insurer that is going to be responsible for those payments is reported to be AIG. This, according to the broker on the deal, Jardine Lloyd Thompson, a British brokerage and insurance services provider. At the time that this article was written, AIG declined the opportunity to comment on this insurance coverage.…

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Insurance company AIG to pay $35 million fine

AIG Insurance company CEO - Building in Manhattan

The American International Group will be paying the penalty to the New York industry regulator. The American International Group insurance company is now required to pay a $35 million penalty for the violations of its former subsidiaries that had been selling coverage without a license in New York. This, according to a statement issued by the New York State Department of Financial Services. According to the statement from the department, former units of AIG had not only been selling within the state without proper licensing, but they had also been…

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AIG one of the first in the insurance industry to offer $1 billion in coverage to rail companies

Lac-Megantic Railway Disaster insurance industry

AIG has introduced a new insurance products that is specifically designed for the rail industry Shipping crude oil via train is becoming more expensive. There are many risks associated with transporting oil in this fashion, one of the most significant of which is derailment. While train derailments are not common, they happen regularly enough to make transporting crude oil over rail a very risky endeavor. The American Insurance Group is looking to mitigate this risk by offering a new product that provides rail companies with $1 billion in coverage. Insurance…

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