AIG opens a new line: Insurance against cyber injury


The nascent cyber insurance market grows up as AIG becomes the first major insurance company to offer policies compensating companies for cyber attacks which damage property and even people.

The market has been slow to develop as actuaries like lots of numbers and there aren't a lot of them from cyber attacks yet, but Tracie Grella - who oversees AIG's cyber insurance offerings - says the company has been able to draw on actuarial experience from other business lines.

“The fact that an insurance company has said there is enough actuarial foundation to offer products in what is today not a widescale problem but which certainly creates anxiety, is a very good sign,” says Aneesh Chopra who served as the U.S.'s first CTO.

Grella says AIG has seen its first claim - one arising from the so-called "Heartland bug."

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Comments (2)
  • DrewMcVay
    , contributor
    Comments (1244) | Send Message
     
    As a shareholder this is something that I was looking for. After selling off large portions on their business segments, I was hoping that AIG would delve into new segments to obtain growth. I don't know anything personally about insuring cyber security, so that makes me slightly concerned, but being a first mover in the space should help them significantly if it is to be successful.

     

    Happy with this news.
    23 Apr 2014, 08:35 PM Reply Like
  • charles.link@aig.com
    , contributor
    Comments (5) | Send Message
     
    As a shareholder and an employee, I too have great expectations from AIG. We've got the team, the structure, the tools, and the fire in our belly to capitalize on emerging markets such as this and bring real value and assurance to our customers.
    24 Apr 2014, 08:57 AM Reply Like
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