AIG re-launches in Sri Lanka

Monday, 10 December 2012 00:00 - - {{hitsCtrl.values.hits}}

American International Group (AIG) re-launched in Sri Lanka at the broker professional program organised by the Sri Lanka Insurance Brokers Association last week.

With the company’s new theme ‘Bring on tomorrow’, AIG brought in a variety of insurance policies, from retirement plans to business insurance policies, individual and family insurance schemes.

AIG, with a large amount of shareholders from the US, is aiming to attract private investors to replace Government capital. Headquartered in New York, with the Asian head office in Hong Kong, the company was listed as the 29th largest company in the world by the Forbes magazine in 2000.

AIG is a leading insurance company in the US for Life insurance and retirement schemes and the insurance company has customers in more than 130 countries and jurisdictions. AIG spread its branches to Malaysia recently, where it covers the business segment from large multinationals to small and medium enterprises which contributes 15% to the company, and the rest comes from auto and travel insurance.

AIG traces its roots to 1919, when American Cornelius Vander Starr established a general insurance agency, American Asiatic Underwriters, in Shanghai, China. Since then, an enterprising spirit, ingenuity, and tenacity has built the company into one of the world’s leading insurers. Today, AIG is focused on what it has been known for since the beginning – the willingness and ability to provide insurance coverage to meet the diverse needs of its clients.

Between 1930 and 1939, the organisation expanded its Asian presence and began its operations in Latin America. In 1960, AIG formed as a unifying umbrella organisation and began a new era as a public company.

In 1990, AIG returned to its roots in China when it received the first foreign insurance license granted in over 40 years by the Chinese government. In the US, the company acquired a leading retirement saving provider. In 2011, the company expanded in Japan by acquiring Fuji Fire and Marine, a property causality insurer and in 2012, the company re-branded itself and introduced a new logo.