AIG wants the benefits of football without the risks.
The New York insurance giant has stopped insuring NFL players against head injuries as the dangers of concussions became apparent even though it continues to play up its ties to the game, The Post has learned.
“They exclude coverage for head injuries,” said a source familiar with the insurer’s policies.
AIG also stopped insuring the nation’s largest youth football league, Pop Warner, a few years ago as the NFL’s concussion crisis trickled down to the high school level and even younger.
At the same time, AIG, led by Chief Executive Peter Hancock, is a big backer of USA Football, a nonprofit group started by the NFL that seeks to blunt the toll concussion fears have had on youth football.
The insurer is one of the chief sponsors of USA Football’s 2016 Protection Tour for 7- to 14-year-old players. The tour travels across the country teaching kids tackling techniques and proper helmet fit, among other safety issues. The one-day camp comes to MetLife Stadium on Aug. 14.
While USA Football aims to cut down on head-related injuries, it also works to send the message that kids can be taught to play the game safely as more parents balk at the notion.
“My initial thought is that this is very misleading. It’s false advertising,” said Kimberly Archie, a risk management expert who specializes in sports injury litigation. “You are putting your name on something you will not insure.”
AIG declined to comment.
K&K Insurance, part of rival insurance giant Aon, replaced AIG as Pop Warner’s insurer a few years ago.
K&K, which covers every player up to $1 million and, depending on the chapter, up to $2 million, has not carved out an exception for head injuries.
“K&K Insurance is known as a trusted source for commercial liability insurance coverage for amateur sports teams, leagues, associations, tournaments, camps and facilities, and as such, our intent is to continue offering protection, within our participant legal liability coverage, that will respond to claims alleging brain injuries (including concussions) sustained by players in specified sports.
“There is currently a great deal of inconsistency from insurance carrier to carrier on how concussion coverage may be offered or if it is excluded entirely,” it added.
AIG is among the dozens of insurers suing the NFL to avoid paying more than $1 billion in costs for concussion-related lawsuits.
The dispute is tied to the settlement between the NFL and thousands of retired players who said the league hid from them the dangers of repeated head hits. Players stand to receive up to $5 million apiece.
The insurers suing in New York State Supreme Court argue that they should get out of paying because the league covered up the dangers.
“This case is about whether concussions are covered under policies,” said a source close to the case.
While AIG is cutting its exposure to concussion-related lawsuits by carving out head injuries, it still issues NFL policies that cover non-brain-related injuries. The NFL declined to comment.