AIG scrambling?
The recent episode that happened to Lehman brothers and Merrill Lynch is causing a spread of fear in AIG’s assets too. Many insurance policy holders are anxious and are worried that in the event that AIG faces the same fate as the Big Brothers, their policies will turn to naught and would not be fulfillable.
A query to my financial planner in IPP produced a letter from AIG assuring all customers. But how assuring that is? Time will tell.
From: Seah, Ronn-KP
Sent: 16 September 2008 15:31
To: —————–
Cc: ————-
Subject: IMPACT OF AIG’S SUBPRIME EXPOSURE ON AIA
Hi Mark & Kenneth,
Please find below the statements from Corporate Communications for your reference:
“In addition to AIG’s commitment to meet the needs of its customers, AIG’s insurance subsidiaries around the world are subject to regulations at several levels. Those regulations include requirements to maintain adequate capital and reserves necessary to satisfy obligations to policy holders. AIG’s subsidiaries maintain reserves that exceed regulatory requirements, and AIG is confident that its subsidiaries are fully capable of meeting their obligations”.“AIA, as with all other life insurers in Singapore, maintains separate insurance funds for our policies issued in Singapore. Any sub-prime losses that may be borne by AIG at the group level have no impact on policyholders here in Singapore”.
Thanks.
Regards
Ronn Seah
Brokerage Account Manager
American International Assurance Company, Limited
1 Finlayson Green, #19-01/02 Singapore 049246
Tel:————–
Mobile:————-
Fax: ————
Email: ——————
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