$7.81 Billion
Quarterly loss American International Group Inc. posted largely due to write-downs related to bad mortgage investments. AIG blamed much of the loss on the continuation of the weak housing market, the disruption in the credit markets, as well as equity market volatility. For the same period in 2007, AIG reported a $4.13 billion profit.
9
The number of catastrophic events that occurred in the first quarter of 2008, as identified by the Property Claim Services (PCS) unit of Insurance Services Office. U.S. property/casualty insurers are expected to pay an estimated $3.35 billion for the property losses resulting from those events.
Was this article valuable?
Here are more articles you may enjoy.
Chubb Q1 Net Income Increases 74% on Fewer Catastrophe Losses 
California Insurance Commissioner Race Has Diverse Field Amid ‘Insurance Crisis’ 
Four Georgia Troopers Fired in Vehicle Pursuit-Insurance Scheme 
Viewpoint: Japan’s $550B Bet on America—What it Means for the US Insurance Market From This Issue
