Singaporeans canceled about 5,000 policies with American International Group Inc. last week after nervous policyholders lost confidence in the troubled insurance giant, the central bank deputy chairman said Monday, according to television station Channel News Asia.
That was more than the 2,000 policies, or 0.1 percent of the company’s two million in force, had been canceled, AIG’s unit, known as AIA Singapore, said Friday.
Singaporeans can “rest assured” that their policies with AIA Singapore are well-funded, said Lim Hng Kiang, who is also trade and industry minister, according to the channel.
Officials at AIA could not immediately be reached Monday evening.
The company’s headquarters was flooded last week with thousands of policyholders seeking to find out the status of their policies or cash them out, even after the U.S. Federal Reserve pledged an $85 billion loan to prop up AIG.
Was this article valuable?
Here are more articles you may enjoy.
Hyundai, Kia Agree to Retrofit 7 Million Vehicles to Address Theft Concerns 
UPS Ripped Off Seasonal Workers With Unfair Pay Practices, Lawsuit Alleges 
Three Top P/C Insurers Account for Most of Insurance AI Patents 
US House Bill Aims to End Private Flood Insurance Coverage Penalty 
