Live Insurance News

The Bill Cosby lawsuit filed by AIG is “draining” the celebrity’s resources

September 21, 2015September 19, 2015 Julie Campbell

The entertainer’s lawyers have stated that financial drains are decreasing his ability to successfully defend himself. The lawsuit that was filed by American International Group (AIG) against Bill Cosby has been considerably “draining” on the resources of the celebrity, who is now saying (by way of his lawyers) that this is seriously cutting into his ability to present a successful defense for himself against the allegations of sexual abuse. The reason is that Cosby is currently being required to defend himself simultaneously against several suits. Lawyers representing Bill Cosby told…

AIG makes insurance news with new high end clothing coverage

September 9, 2015September 6, 2015 Julie Campbell

AIG Insurance company CEO - Building in Manhattan

The insurer is releasing a new product to help to boost its business from high net worth personal lines customers. American International Group (AIG) has revealed its latest insurance news that the latest component of its strategy to increase its appeal to high net worth personal lines policyholders, it will be releasing coverage for high end designer clothing. This will provide people with an insurance policy that goes above and beyond the standard homeowners coverage. More specifically, the insurance news is about the “wearable collections coverage”, which provides additional coverage…

Insurance industry may gain access to drones

April 15, 2015April 13, 2015 S.Vagus

commercial drones crop insurance industry news

AIG receives approval to use drones to assess property damage The American International Group (AIG), one of the largest insurance providers in the United States, has announced that it has received approval to use drones to inspect properties throughout the country. This approval has come from the Federal Aviation Administration, which enforces strict regulations when it comes to the commercial use of drones. These drones are small aerial units that are controlled remotely. These drones are typically used for recreational purposes due to federal regulations. Commercial use of drones is…

Cyber insurance is lacking

April 8, 2015April 6, 2015 S.Vagus

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…

Insurance industry now equipped to deal with celebrities

February 2, 2015January 31, 2015 S.Vagus

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.…

Insurance industry leaders launch new consortium

January 26, 2015January 24, 2015 S.Vagus

Leading companies come together to launch consortium focused on micro insurance Leading companies in the insurance industry have come together to establish a new micro insurance consortium. The companies have also launched a micro insurance venture incubator, which will aim to establish new insurance solutions in what it identifies as underserved sectors. Among the companies that are participating in the consortium are American International Group, Catlan Group, Guy Carpenter & Company, Aspen Insurance Holdings and others. Micro insurance incubator will establish 10 new insurance ventures in emerging markets around the…

Insurance company AIG to pay $35 million fine

November 3, 2014November 1, 2014 Julie Campbell

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…