Tag: AIG

Insurance company AIG to pay $35 million fine

Julie Campbell
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

S.Vagus
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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Huge rail insurance for oil shipment coverage now offered by AIG

Julie Campbell
rail insurance news industry train transportation

The insurer now has a product to cover train accidents for up to $1 billion to help meet the growing demand. Yet another train carrying oil has now derailed in Canada, this time near Wadena, Saskatchewan, last week, when it also caught fire, causing an ever rising number of questions to appear with regards to the types of rail insurance that will be necessary to protect companies and railways. In response to this need for coverage, AIG is now offering a $1 billion liability product for railways. With the rapidly…

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Home Depot serves as a reminder of the importance of cyber insurance

S.Vagus
Home Depot Cyber Insurance

Retailer falls victim to a major data breach that could have compromised consumer financial information Home Depot recently announced that it had fallen victim to a data breach that may have compromised the financial information of customers visiting 2,200 of its stores located in the U.S. and Canada. The company suggests that there has not yet been any evidence that this financial information has been compromised. The attack on Home Depot again highlights the growing importance of cyber insurance. This form of insurance coverage may not be able to stop…

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Cyber insurance protection availability is growing

Julie Campbell
data overload cyber insurance

A rising number of insurers, now including AIG, are offering this coverage as businesses boost their demand. At a time in which the headlines involving businesses that have undergone data breaches and other digital attacks are becoming a regular occurrence, American International Group (AIG) has now announced that it will be joining the growing number of insurers that are offering cyber insurance protection. This policy from AIG will be providing coverage to businesses against illegal hacking. The cyber insurance policy will not, in this case, provide any protection against physical…

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