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.
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