Real Estate Insurance Industry Insights

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1 Real Estate Insurance Industry Insights Joe Fobert, Real Estate Practice Leader Source: National Hurricane Center 78

2 About AIG and our Real Estate Industry Practice Group AIG Largest writer of commercial insurance in the U.S. and Globally $64 bln 2011 Annual Revenue, $17.8 bln Net Income, $555 bln assets 88 mln clients and operates in 100+ countries 2011 paid approx. $29.6 billion in claims worldwide Real Estate Industry Practice Group (Property & Casualty) Over 11,000 clients and 13,000 policies Write all lines of business: Property, Casualty, Environmental, Excess, D&O and E&O Largest writer of real estate business by GWP in the U.S paid approx. $266 million in real estate claims 79

3 Let s set the stage Bigger CATs Higher Values 80

4 Entrance 180 Maiden Lane During Storm 10/29/12 81

5 Turnstiles Inside 175 Water Street During Storm 10/29/12 82

6 Entrance at 1 New York Plaza 10/31/12 83

7 CAT / Environmental Impact on Insurance Industry & AIG Drought-Ridden Wheat Belt Declared Disaster; Record Crop Insurance Claims Seen (Reuters 1/10/2013) Record-Setting Heat Across the U.S. in 2012 (NYT 1/8/2013) Hurricane Sandy reported losses approach $20 bln (Fitch 1/8/2013) AIG Reports Sandy loss estimate of $1.3 bln net after tax Insurers 2011 Catastrophe Losses Reached Record on Japan, Munich Re Says (Munich Re 1/4/2012) AIG Reports approx. $3.3 bln net catastrophe losses

8 85

9 86

10 Environmental Impact Environmental Impacts Resulting from Superstorm Sandy: 100+ waste water treatment plants were severely damaged during and after the storm which caused the release of billions of gallons of untreated sewage into surface waters 100+ water facilities were in distress during and after the storm which required various health warnings to the general public Officials estimating over 10 million gallons of fuel have been spilled as a result of storage tanks destroyed by the storm Asbestos and lead exposures possible due to the disturbance of such contaminants in structures after a natural disaster Decreased air quality as a result of generator exhaust Variety of contaminants due to fluids from cars and boats, contaminants from flooded subways, roads, parking lots and tunnels, and contaminants released from industrial sites along the shoreline Possible contaminants within flooded buildings, including mold, medical waste, and laboratory materials 87

11 Environmental Long Term Environmental Affects of Superstorm Sandy: Disposal of the estimated 10+ million cubic yards of debris that has been left behind as a result of Superstorm Sandy Repair and upgrade of the region s wastewater infrastructure Mold abatement as a result of improper restoration of millions of flooded buildings and structures Environmental restoration as a result of the wastewater and fuel releases caused by Superstorm Sandy Potential change in regulations 88

12 Changes in underwriting & risk taking one carriers perspective 89

13 Underwriting & Risk Taking Engineering requirements increasing Will be more closely looked at Will have higher standards Based on above will affect program pricing, terms, conditions, limits and appetite Appetite for coastal and CAT prone region risks will change Amount of capacity offered / accumulation of risks / spreading of risk Type of construction and safeguards Pricing Risk Adjusted Premium (RAP) Modeling even more closely examined Insured participation Review of flood maps expanded Stricter terms & conditions Policy Terms Definition of a hurricane and flood exclusions Closer review of contingent business income exposures 90

14 American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange. AIG is the marketing name for the worldwide property casualty, life and retirement, and general insurance operations of American International Group, Inc. Products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Not all products and services are available in every jurisdiction, and insurance coverage is governed by actual policy language. Certain products and services may be provided by independent third parties. Insurance products may be distributed through affiliated or unaffiliated entities. Certain property casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds. The data contained in this presentation is for general informational purposes only. The advice of a professional insurance broker and counsel should always be obtained before purchasing any insurance product or service. The information contained herein has been compiled from sources believed to be reliable. No warranty, guarantee, or representation, either expressed or implied, is made as to the correctness or sufficiency of any representation contained herein American International Group, Inc. All rights reserved.

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