American International Group Inc. (AIG) lifted limits on property claims tied to acts of terrorism to US$1 billion as clients ask for more protection in larger cities.
The previous limit was $250 million, New York-based AIG said Wednesday in a statement. Protection can be purchased alone or as part of a larger, $2.5 billion property-insurance policy that provides coverage for a broader array of risks.
"Demand from our clients for better protection against this risk has been strong," George Stratts, AIG's president of property and specialty risks, said in the statement. The coverage is intended to "respond to terrorist attacks worldwide."
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