an International Group, Inc.. issued a statement denying reports that it has substantial asbestos exposure in the UK, which could be triggered by a pending legal decision.
“AIG has virtually no substantial long tail asbestos exposures in the United Kingdom, and therefore the report published today in London by Bloomberg News that AIG, along with other insurers, faces substantial liabilities as a result of a House of Lords ruling tomorrow [today], is erroneous. Irrespective of that ruling, AIG’s asbestos-related liabilities in the UK will remain minimal,” the company said.
The bulletin went on to state that, “AIG’s overall asbestos-related liabilities are relatively small. The vast majority of asbestos and environmental claims emanate from policies written in 1984 and prior years, at a time when AIG’s commercial insurance business was not as significant as it is today. Since 1985, standard policies have contained the absolute exclusion for pollution related damage. AIG’s reserves for asbestos-related claims continue to be appropriate.”
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