NEW YORK--(BUSINESS WIRE)--Dec. 1, 2016--
Ultra high net worth (UHNW) clients in the U.S. tend to own multiple
houses overseas, with North and South America the most popular locations
for their foreign properties, according to a study of proprietary data
by AIG Private Client Group, a division of the member companies of
American International Group, Inc. (NYSE:AIG).
The study’s findings helped the company develop a new multinational
property coverage that serves U.S. UHNW clients with considerable
The AIG Private Client Group data looked at trends with clients who pay
in excess of $250,000 in annual personal insurance premiums. These
clients have particularly complex coverage and service needs to go along
with their extensive global and domestic assets.
This population owns nine homes overseas, on average. Mexico, the
Bahamas, and the Caribbean are three of the top 5 locations for these
properties, accounting for 36% of the overseas home count. Two of the
top five locations are in Europe. Overall, more than 50% of the homes
owned by this group are in the Americas. The breakdown of the top
Mexico – 14%
Bahamas – 13%
England – 12%
France – 9%
The Caribbean – 9%
This study also found that this segment of UHNW clients also has on
19 regular-use vehicles
$1.7 million in jewelry insured
$19.6 million of fine art insured
The new AIG Private Client Group offering responds to these findings. It
represents an important multinational collaboration between AIG’s
Commercial and Consumer Insurance segments. It combines the policy
service systems and global presence of AIG Commercial’s multinational
insurance platform with the high-touch customer service and claims
expertise of AIG Private Client Group.
“No other insurance provider in the high-net-worth space can provide
this level of service in their global coverage,” said Gaurav Garg,
President and CEO of Personal Insurance. “With AIG’s vast global
footprint and capabilities, we are able to take another step forward in
our commitment to being our clients’ most valued insurer. We are able to
provide our high net worth customers with the AIG Private Client Group
claims and underwriting experience that they are accustomed to, whether
their homes are in the U.S. or overseas.”
In most cases, U.S. UHNW clients have had to rely on multiple coverages
offered by different insurance providers spread across the globe to
insure their overseas property, making it challenging for both clients
and their insurance agents to access cohesive protection. With the AIG
Private Client Group offering, however, clients can access coverage
through one provider and also benefit from AIG’s risk mitigation and
Multinational property coverage complements other AIG Private Client
Group offerings that are inherently global, including private
collections, personal excess liability, and yacht insurance policies.
The coverage is also available to AIG Private Client Group clients with
substantial assets but a smaller global footprint.
American International Group, Inc. (AIG) is a leading global insurance
organization. Founded in 1919, today we provide a wide range of property
casualty insurance, life insurance, retirement products, mortgage
insurance and other financial services to customers in more than 100
countries and jurisdictions. Our diverse offerings include products and
services that help businesses and individuals protect their assets,
manage risks and provide for retirement security. 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
| YouTube: www.youtube.com/aig
| Twitter: @AIGinsurance | LinkedIn: http://www.linkedin.com/company/aig.
These references with additional information about AIG have been
provided as a convenience, and the information contained on such
websites is not incorporated by reference into this press release.
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.
All products and services are written or provided by subsidiaries or
affiliates of American International Group, Inc. Products or services
may not be available in all countries, and coverage is subject to actual
policy language. Non-insurance products and services may be provided by
independent third parties. Certain property-casualty coverages may be
provided by a surplus lines insurer. Surplus lines insurers do not
generally participate in state guaranty funds, and insureds are
therefore not protected by such funds.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161201005690/en/
Source: American International Group, Inc.
Matt Gallagher, 212-458-3247