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AIG eBUSINESS RISK SOLUTIONS INTRODUCES NEW IDENTITY THEFT INSURANCE COVERAGE ENABLING BUSINESSES TO PROVIDE CUSTOMERS WITH PROTECTION FOR ONLINE PRIVACY RISKS
NEW YORK, October 8, 2001 - AIG eBusiness Risk Solutions, a division of the American International Companies, has introduced AIG Personal Internet Identity Coverage (PIIC)*, a new insurance policy designed to help businesses and other organizations address the online privacy concerns of consumers by offering reimbursement of financial losses and legal assistance in the event of identity theft.

“The increased occurrence of reported identity theft and hacking incidents has increased consumer apprehension about the online exchange of personal information,” said Gretchen Hayes, President, AIG eBusiness Risk Solutions. “As a result, consumers are looking to businesses that conduct or facilitate online transactions or maintain their personal information online to provide a secure environment, and provide a solution in the event their identity is stolen. AIG PIIC combines insurance coverage with legal defense for certain actions that can help these businesses demonstrate their commitment to their customers' privacy concerns.”

AIG PIIC provides insurance coverage that reimburses individual insureds for certain expenses related to identity theft, virus circulation and physical damage to computers that occurred as a result of their personal internet use or wireless use.

The policy will provide legal defense for actions related to identity theft, and reimburse costs associated with re-filing for loans, grants or other credit/debit instruments and payment of lost wages as a result of time off work to replace identity related items. Additionally, AIG PIIC policyholders receive an identity theft claim kit and access to a dedicated toll free help line that will help an insured in reporting the event to all required agencies.

Businesses, associations and employers can make AIG PIIC available to customers, members or employees concerned with online privacy issues as a valued-added service, including:

  • Credit card companies and other financial institutions that use a customer's credit card, bank and brokerage account numbers for online transactions;

  • Internet Service Providers (ISPs), including companies that provide Internet access via television or wireless devises;

  • Credit information services providers that report credit irregularities resulting from an identity theft incident;

  • Employers managing their employees' personal information online through company systems; and

  • Associations offering personal insurance lines as part of member service programs.

In addition to identity theft coverage and services, AIG PIIC offers Virus Distribution Coverage, which protects insureds from property damage to the computer caused by a virus and provides actual cash value for damaged equipment, costs to repair or replace damaged operating systems programs on the computer hard drive, as well as Computer Physical Damage coverage which offers excess coverage for all physical loss to the personal computer. Exclusions under a homeowners policy may make this coverage primary.

For more information on AIG eBusiness Risk Solutions' AIG Personal Internet Identity Coverage (PIIC), contact your insurance broker, local American International Companies office or contact Jean McDermott-Lucey, AIG eBusiness Risk Solutions at 212-770-6752 or by e-mail jean.mcdermott@aig.com.

AIG eBusiness Risk Solutions (AIGeBRS) is a global leader in identifying, evaluating and managing the evolving Internet-related risks in the B2C and B2B markets. AIGeBRS offers a comprehensive suite of insurance products and risk management services combining insurance, information services and technology that support eBusiness at its most sensitive touch points: network security, trade credit, identity, and credit card fraud.

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AIG is the leading U.S.-based international insurance and financial services organization and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write a wide range of commercial, personal and life insurance products through a variety of distribution channels in approximately 130 countries and jurisdictions throughout the world. AIG's global businesses also include financial services and asset management, including aircraft leasing, financial products, trading and market making, consumer finance, institutional, retail and direct investment fund asset management, real estate investment management, and retirement savings products. American International Group, Inc.'s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.

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* The above described coverage may not be available in all states, and the above description thereof is neither a complete description nor a complete list of all terms, conditions and exclusions. Note that certain terms used above are defined in the policy. Please see the policy for a complete description of its scope and limitations of coverage. Issuance of coverage is subject to underwriting. Insurance is underwritten by member companies of American International Group, Inc. Non-insurance products may be provided through independent third parties.