AIG launches cyber insurance against liability and bodily injury.
Global Banking News-July 21, 2016--AIG launches cyber insurance against liability and bodily injury
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Global Banking News - 21 July 2016
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American International Group Inc (NYSE: AIG) (AIG) has launched insurance policies to cover cyber attack risks, including property damage, bodily injury, business interruption, and product liability.
The firm had been offering policies against data breaches and the new policies are the first primary coverage written by any carrier in a standalone policy specifically to cover these areas of cyber-related risk.
Tracie Grella, global head of cyber risk insurance at AIG, said, 'Cyber is a peril. [It] can no longer be considered a risk covered by a traditional network security insurance product.'
The policy is called CyberEdge Plus.
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