It is our pleasure to present you with AIG Insurance Company of Canada’s (AIG Canada’s) 2017 Public Accountability Statement. As you read through this statement, we hope you gain a better understanding of the company’s efforts to become an employer of choice, an innovative leader in insurance protection and a steadfast supporter of the communities in which we live and work.
For the insurance industry at large, 2017 was by most accounts the costliest year on record for global insured losses due to the confluence of hurricanes Maria, Irma, Harvey, the California wildfires and the earthquake in Mexico. As people were displaced and businesses interrupted, our role as insurers has never been more critical and relevant as our parent company, AIG sought to assist businesses and people to stand back up. As the hurricanes approached, AIG adjusters and engineers were already in place, proactively offering our clients preparatory guidance. As soon as conditions allowed, AIG made hundreds of site visits across the areas of impact. In addition to feet on the ground, AIG drones helped technicians to quickly and accurately examine damage from the air. AIG’s commercial property group received extensive claims resulting from the various catastrophes. For our commercial property clients, AIG activated its Claims Promise that pledges immediate working funds of up to 50 per cent of the agreed property damage estimate within seven days after confirmation of coverage. The AIG Claims Promise empowers our clients so that they can quickly access critical funds to meet immediate cash flow needs, maintain business continuity and expedite recovery.
AIG claims teams remained on location until the responses to Hurricanes Harvey, Irma and Maria were complete. As part of AIG's focus on Claims First, the lessons learned from these hurricanes will build on AIG's technical expertise as we seek to help our clients rebuild stronger, more resilient communities.
Few industries offer their employees the opportunity to help put people and businesses back together after a loss. For young people who value such meaningful work, companies like AIG can offer a number of challenging career paths that include many that directly assist others during life’s most difficult circumstances.
For something that is so fundamental to the Canadian economy, insurance offers near-endless career choices. Insurance, and in particular, the commercial property and casualty sector is an ever-evolving industry that touches nearly every part of the economy and every segment of society. It is at the forefront of game-changing issues like big data, autonomous vehicles, climate change, cyber security and other national and global risks. The professionals in the industry are managing risks that vary in complexity from around the corner, to around the globe, known today and new tomorrow.
We would like to thank our staff members who give so freely of their time to help AIG Canada as we seek to build resilient communities. We are proud of the work they do as the face of our efforts. We would also like to thank our philanthropic partners who perform vital work in helping all Canadians secure a better, more prosperous future.
President & Chief Executive Officer