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AIG is reducing cyber insurance limits as cost of coverage soars

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Aug 6 (Reuters) - American International Group Inc is tightening terms of its cyber insurance, noting that premium prices are up nearly 40% globally, with the largest increase in North America, the U.S. insurers chief executive officer said on Friday.

"We continue to carefully reduce cyber limits and are obtaining tighter terms and conditions to address increasing cyber loss trends, the rising threat associated with ransomware and the systemic nature of cyber risk generally," CEO Peter Zaffino said on a conference call with analysts, according to a transcript produced by Refinitiv. (Reporting by Alwyn Scott in New York and Sohini Podder in Bangalore)