|AIG'S NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA. LAUNCHES AIG CORPORATE IDENTITY PROTECTION|
NEW POLICY TO PROTECT SMALL AND MID-SIZED BUSINESSES AGAINST THE GROWING EXPOSURE OF ID THEFT
NEW YORK--Sept. 12, 2006--National Union Fire Insurance Company of Pittsburgh, Pa.(R) (National Union), a member company of American International Group, Inc. (AIG), today announced the release of AIG Corporate Identity Protection, a new insurance policy designed to protect small and mid-sized companies from financial exposures related to identity theft or the threat of identity theft.
The Federal Bureau of Investigation reports that identity theft is the fastest growing crime in the United States. It is also the number one consumer complaint received by the Federal Trade Commission, accounting for approximately 255,565 complaints in 2005. In addition, more than 30 states have enacted legislation requiring companies to notify consumers if their personal information may have been compromised. Even in states where notification is not required by law, failure to notify an individual of a potential identity breach may result in severe civil, regulatory and legal liability costs, as well as potential damage to a company's reputation and loss of consumer confidence.
AIG Corporate Identity Protection, which is ideal for companies in main-street industries with revenues up to $100 million or holding up to one million identities, provides coverage to a company when the personal data of its employees or customers is compromised, regardless of whether an actual identity theft results. The policy offers coverage to the insured company for the following: legal liability damages; defense costs; regulatory action expenses; notification costs; crisis expenses and post event services, including identity theft recovery services, such as education, assistance and credit monitoring for victims.
"The majority of companies collect and hold personal data from employees and customers, including names, addresses and credit card and Social Security numbers, increasing their risk for identity theft," said Lisa Butera, President of the Professional Liability Division of National Union. "The economic loss to a company suffering an identity theft incident can reach in the millions of dollars and this unbudgeted spending is even more taxing on small and mid-sized companies that may have limited resources. We created AIG Corporate Identity Protection as a way for these companies to protect their liability, as well as their employees and customers."
Companies can obtain a policy with limits starting at $100,000 up to $5 million.
For more information on AIG Corporate Identity Protection, please visit www.aignationalunion.com, or email: firstname.lastname@example.org.
American International Group, Inc. (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed in the U.S. on the New York Stock Exchange and, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
*Insurance is underwritten by member companies of American International Group, Inc., and is subject to underwriting approval. The description herein is a summary only. It does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for complete details of coverage and exclusions. Coverage may not be available in all states. Non-insurance products may be provided through independent third parties.