AIG has introduced multinational commercial property cover for mid-sized businesses in Australia, Canada, Europe, South Africa and the US that have global risk exposures.

It says the property damage and interruption policy covers all operating locations and property exposures and can include environmental clean-up, equipment breakdown, crisis management, cyber coverage and other extensions.

“Middle-market companies are shifting their focus from deep cost cuts to strategic opportunities for growth, including global expansion,” AIG Global Property President George Stratts said.

AIG plans to expand the policy offering to other countries later this year.

Asia-Pacific Deputy Head of Commercial Property Nick Wood told insuranceNEWS.com.au Australia is “viewed as a core market… as part of our global property portfolio”.

It has been chosen for the new product launch “given the market opportunity, the sophistication of our insurance buyers and the quality of business available”.

The business interruption cover allows clients to settle on either a gross-profits or gross-earnings basis after a loss. The product includes services modelled on those provided to large multinational organisations.