Leading the Industry with Expertise
The insurance industry has always been critical to the stability of the global economy. This is certainly true today in an increasingly complex environment. At AIG, we take great pride in offering exceptional risk solutions to our clients and distribution partners, while prudently managing our balance sheet and volatility.
We only need to analyze 2022’s Hurricane Ian to understand the delicate, yet essential, relationship that insurance carriers, reinsurance providers and distribution partners have with businesses and individuals across the globe. Hurricane Ian was a tragic event on a human level that also left devastating physical damage. From a humanitarian perspective, AIG rapidly deployed significant resources to the affected areas and provided immediate support and infrastructure to help individuals, businesses and communities rebuild.
Hurricane Ian also proved to be a catalyst that changed market dynamics even more significantly than expected. It ultimately led to shifts in the market that required the industry to rethink capital deployment, reinsurance strategies and the commensurate changes that needed to take place in the primary market. The unprecedented levels of natural catastrophes on a global scale also significantly impacted the reinsurance market and retrocessional capacity. This has resulted in an increased cost of capital for the industry, which impacted almost all lines of business and territories, regardless of loss experience. In addition, very little new capital entered the market.
AIG navigated the complex renewal season extremely well. We knew we were in a strong position heading into January 1, given the improved quality of our global portfolio, coupled with our considerable efforts to reduce our gross portfolio peak exposures, as well as the strong partnerships we have with reinsurance companies.
AIG Your Ally from Now to NextTM
While AIG was transforming its core business, we were also transforming the company’s culture.
AIG is a Purpose-driven and Values-based company, and our commitment to our Purpose and Values emerges most clearly in our culture and how we demonstrate allyship with our stakeholders. For our clients, distribution partners, colleagues, communities and more — we help improve and strengthen where they are today and strive to help them achieve a more successful future.
We are their allies from now to next.
One of AIG’s greatest examples of allyship is our title sponsorship of the AIG Women’s Open. AIG is proud to be the title sponsor of one of the most prestigious and celebrated championships in women’s golf. We became the title sponsor of the AIG Women’s Open in 2019 because we appreciate the sport, we appreciate the athletes, and most importantly, we see an opportunity to create meaningful, significant and positive change through our leadership. This sponsorship, and our partnership with The R&A to raise the profile of gender equity and gender pay equity, has permeated throughout our company, and has become a meaningful driver behind our core value of being an ally. Through our partnership with The R&A, we are elevating the women’s game of golf and recognizing, highlighting and rewarding the achievements of these elite athletes.