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AIG NZ exits high-net-worth cover

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AIG is discontinuing its Private Client Group home, contents and yacht cover and will no longer offer high-net-worth insurance in New Zealand from the end of next month.

“For existing customers, this means that we are unable to renew any Private Client Group insurance policies that expire on or after 31 July 2019,” AIG says in a notice on its website.

“Our team is working hard to ensure a smooth transition for our customers during this change. There will be no impact on any current or future claims made under existing policies.”

The AIG move comes after Allianz Global Corporate & Specialty (AGCS) said this month it was reviewing all lines in New Zealand and its long-tail business in Australia.

Further comment from AIG was not immediately available.