AIG Canada Employee Benefit Plan

AIG Canada Employee Benefit Plan: The Coverage Overview
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AIG Canada Employee Benefit

Employees are the greatest assets of any business organization, no matter the industry. A business that expects to grow and expand should provide group benefits to its employees. Of course, you can increase your employees’ taxable salaries as a form of benefit but this is an inefficient way of rewarding your dedicated workers.

An efficient way of rewarding your employees is by providing them with appropriate insurance coverage such as health and life insurance. AIG Canada employee benefit plan is one of the benefits plans that can be designed to suit your organization. With its over 50 years of experiences in the industry, AIG provides comprehensive and innovative solutions to businesses in all industries.

AIG’s commercial or business insurance is suitable for all business sizes whether mid-sized businesses or large corporations. Furthermore, AIG insurance solutions can also be leveraged by entrepreneurs, multinationals, expatriates, individuals, and non-profit organizations.

The robust group benefits provided by AIG is one easy way to ensure that your employees have the peace of mind, safety and security to focus entirely on your business. You can ensure that your employees are highly satisfied with your business by providing some of the best coverage to them and their family. You can even design the policy in such a way that the employees can retain their coverage after leaving your company.

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Employee Benefit Plan Details

AIG is a specialist in providing accident and health solutions. It provides a number of accident and health products and services which include amateur sports accident insurance, attaché business travel insurance, basic accidental death, and dismemberment insurance, critical illness insurance, entertainment and hospitality, hospital cash insurance, out-of-country medical, personal accident insurance, and so forth.

Accidents may place a financial burden on your employees and their families. The cost of hospitalization for minor stitches could be thousands of dollars and major surgeries could be hundreds of thousands of dollars. However, by providing the hospital cash plan to your employees, you can help them to pay for each day of hospitalization.

Personal accident insurance is also an interesting coverage option provided by AIG Canada to employees. With this coverage, businesses can offer their employees the needed financial protection in the event of an injury or an accidental death. You can easily add personal accident insurance as an optional supplement to the coverage you provide your employees.

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Employee Benefit News

AIG has stopped underwriting new policies in its individual personal lines of business in Canada including homeowners and auto coverage.

Speaking to Canadian Underwriter, AIG Communications director Lynn Woodburn said that the individual line of business represents a small percentage of the company’s portfolio in Canada and based on market conditions, AIG has decided to stop underwriting new policies in this area.

Woodburn added that the decision does not affect the company’s portfolio including its health and accident policies. Also, the company will ensure that the in-force policies go on receiving comprehensive policy administration and claims services.

Woodburn also added that the insurance reviews its operations from time to time to ensure that it provides its partners and clients with valuable services and products. In 2018, AIG reported a total of $1.2 billion in direct premiums written (DPW). This is based on figures from the Office of the Superintendent of Financial Institutions (OSFI).

It reported just above $49 million DPW for personal property and $6.3 million DPW for private passenger auto lines in its personal lines. Also, the company wrote just under $569 million DPW in the commercial property business and $87.3 million DPW in commercial auto.

Colin Simpson, the CEO of the Insurance Broker Association of Ontario (IBAO) said there should be a concern when a company leaves or reduces its writing in specific lines of business in the Ontario market. But AIG is not alone in its actions. Several other companies are adjusting their underwriting in the current market conditions.

To learn more about AIG Canada employee benefit, click here.

Employee Benefits Related Pages

Employee Benefit FAQ

What are the accident and health products and services offered by AIG?

How do I report an accident and health claim on AIG?

How do I report a casualty or excess claim?

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