We are pleased to present you with our 2019 Public Accountability Statement. Through these pages, we hope that you gain a better understanding of AIG Canada and its commitment to its employees, clients and communities where we live and work.
2019 was a historic year for AIG as it marked its 100th anniversary with celebrations in Canada and around the globe. In Canada, our staff planted 785 trees in Toronto, Vancouver and Montreal to mark the milestone while celebratory events were held across Canada for our much valued staff, brokers and clients.
To understand AIG’s story, it all began with a visionary by the name of Cornelius Vander Starr who set out to establish an insurance giant from humble office space in Shanghai, China in 1919. As a pioneer, he envisioned a new type of insurance company that hired local talent to sell to local clients. For a Western business operating abroad, this was almost unheard of and would become a hallmark of CV Starr’s businesses in the years to come, decades before it became common practice in other industries.
Throughout AIG’s history, the company has attracted those with the same pioneering spirit as CV Starr who have created a series of firsts. AIG was the first insurer to conduct business directly with the People’s Republic of China; the first insurer to take their global footprint behind the Iron Curtain during the height of the Cold War; and the first insurer to develop a cyber risk insurance product years before the term “cyberbreach” was coined. AIG “firsts” were not limited to the global stage. In 1989, AIG Canada began offering trade credit insurance; investment management insurance in 1993; environmental liability in 1994; and crowdsourcing fidelity in 2016.
AIG’s story is closely woven with the most significant events of the last 100 years. As Europe struggled to rebuild in the wake of WW2, AIG deployed resources across the continent to help insure infrastructure investments and in the aftermath of 9-11, the company acted quickly to provide the global risk financing required to get the airline industry back in flight, while addressing disaster recovery on the ground. As AIG was helping people, businesses and countries overcome much of the geopolitical turmoil of the last 100 years, the company also sought to insure big dreams and bold adventures by providing coverage for Olympic Games, expeditions to Mount Everest and the South Pole, and closer to home, the historic 1972 Canada/Russia Hockey Summit.
AIG’s centennial is not just about our history, it’s also about where we are now, and where we are going. The rapid change that we have experienced in the last 100 years is expected to intensify in the next 100 years. What will the insurance industry look like in 2119? It’s frankly too hard to predict. However, in the near-term, we can expect to see the continued effects of climate change on our insureds; the acceleration of disruption on our business models; mass migration to big cities and the role of sustainability; as well as the threat of systemic cyber attacks that could adversely affect the entire commercial insurance industry.
As the risk landscape morphs and broader solutions are sought, Canadian businesses and the brokers who serve them can be assured of our role as an innovative and trusted partner. The future lies in a deeper partnership between client, broker and insurer where we blend the best of human judgement, engineering and data analytics to help our insureds prevent losses from occurring and offering our considerable knowledge when they do.
This brings me back to the 365 staff members who offer their considerable knowledge and dedication to the needs of our clients. AIG Canada is committed to the belief of treating your customers well always begins with treating your employees well. This progressive culture that we have created earned us two consecutive Top 100 Employer for Young People awards and a Top 100 Employer for Greater Toronto. These annual competitions recognize the best places to work in Canada by evaluating each employer based on the programs and initiatives they offer to attract and retain staff.
President & Chief Executive Officer