AIG Raises Global Commercial Property Limits To $2.5 Billion Per Occurence

American International Group Inc. said Tuesday it is raising its global commercial property limits to $2.5 billion per occurrence from $1.5 billion in a move prompted by growing demand for capacity. The insurer said it has hired more than 500 engineers in the past four years to provide risk mitigation services to clients managing higher property values. "AIG has found that more companies, particularly those operating as multinationals, are looking to partner with insurers that have the capabilities and coverage limits to help protect them against the broad spectrum of risks they face worldwide," it said in a statement. Shares rose 1.6% premarket and are up almost 10% in the past 12 months, while the S&P 500 has fallen about 7%.

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