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AIG Australia Releases Its Broadest Directors’ & Officers’ Insurance For Financial Institutions In Australia

Published Date 06.11.2014
Topic Press Releases

AIG AUSTRALIA RELEAIG Australia Releases Its Broadest Directors’ & Officers’ Insurance For Financial Institutions In AustraliaASES ITS BROADEST DIRECTORS’ & OFFICERS’ INSURANCE FOR FINANCIAL INSTITUTIONS IN AUSTRALIA

Contact: Lisa Rose: (02) 9240 1710; lisa.rose@aig.com

SYDNEY, November 6, 2014 – Leading insurer AIG has announced the release of Gold Complete 2014, the company’s broadest Directors’ & Officers’ liability insurance offering for financial institutions.

The launch follows extensive analysis conducted by AIG over the last three years to review the claims environment facing Australian financial institutions’ directors and officers. The analysis found financial institutions face a greater degree of scrutiny, particularly following the Global Financial Crisis, with higher expectations coming from investors, regulators and other stakeholders. This, coupled with a harsher legal regime, has made the environment tougher than ever for financial institutions and their business leaders.

“After discussion with our financial institution clients and their advisers, and in light of our extensive analysis, we recognised that financial institutions now, more than ever, need comprehensive insurance to attract, retain and protect their business leaders. In the wake of the deluge of claims arising from the Global Financial Crisis, the Australian insurance market has been reticent to provide the breadth of cover required in this difficult legal environment for this sector,” said Liliana Uhrik, Australasian Financial Institutions Manager for AIG Financial Lines. “We see this offering as a recognition of these needs, and the importance that Directors’ & Officers’ liability insurance plays in supporting Australian financial institutions, and we are delighted that today, AIG can proudly extend this tailored version of our market-leading Gold Complete product suite to these clients.”

Gold Complete for both commercial and financial institutions includes not only Directors’ & Officers’ insurance, but a broad form of Kidnap, Ransom & Extortion insurance.

“Extortion is becoming a more common and sophisticated crime against high profile targets across Asia Pacific, particularly executives of financial institutions and their families,” said Michael Pryce, Australasian Regional Financial Lines Manager. “We believe that being able to offer this market an innovative solution that goes beyond simply meeting the financial burden of a kidnap, ransom or extortion event and provides the services of leading specialist response consultants will provide peace of mind like no other offer.”

AIG’s Gold Complete is available immediately in Australia.

AIG Australia

Level 19, 2 Park Street

Sydney, NSW

Australia

www.aig.com.au

 

About AIG

American International Group, Inc. (AIG) is a leading international insurance organisation serving customers in more than 130 countries. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange. Additional information about AIG can be found at www.aig.com | Twitter: @AIG_LatestNews | LinkedIn: http://www.linkedin.com/company/aig | YouTube: www.youtube.com/aig |

AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com.

Products are underwritten in Australia by AIG Australia Limited, ABN 93 004 727 753 AFSL 381686.

For additional information on AIG Australia Limited products and services, please visit our website www.aig.com.au

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