AIG Insurance Background
AIG Insurance is a group of companies known as the American International Group, and is one of the leading service operators in more than 130 countries. AIG was founded in 1967. As per the ratings of 2006, Global Forbes 2000 List, considered AIG as the fourth largest company in the world. AIG is the world’s leading international insurance and financial services company. In the U.S., AIG is the largest underwriter of commercial and industrial insurance. AIG concentrates its focus on four distinct markets: life insurance and retirement services, financial services, general insurance and asset management. AIG continues to enhance its financial growth through development of new products, markets and distribution channels. The customer base ranges from commercial, individual and institutional customers. AIG stock is listed in the New York Stock Exchange, and in other stock exchanges such as London, Paris, Switzerland and Tokyo.
AIG insurance offers many types of policies to meet the needs of its customers with a workforce of 97,000 employees and 714,000 agents and brokers. The main goal of AIG insurance has always been customer satisfaction, and the company keeps a close contact with its customer base. AIG insurance has also launched many web-based systems to meet customer needs. AIG insurance company offers a mix of products from financial services, aircraft and equipment leasing, capital markets as well as consumer finance and insurance finance business. In addition, AIG insurance offers asset management and institutional management services that includes broker services and private banking and many other services.
AIG Insurance History
AIG Insurance has its services in more than 130 countries, and is the leading international insurance and financial service organization of the world. The member companies of AIG serve many individual, corporate and institutional customers through the casualty and life insurance networks. There are many AIG companies located in different parts of the United States , who are the underwriters of individual, commercial and industrial insurance. It owns ILFC, the largest aircraft leasing company leasing many aircrafts that range from Airbus A-319s to Boeing 747-400s.
Edwin Cornelius Vander Starr in Shanghai , China founded AIG in 1919. In the later years when the business became successful, the business expanded to other areas that included Asia, Latin America, Europe as well as many parts of the Middle East . In 1962, the focus of the company shifted from U.S. from personal insurance to a corporate coverage. Then Hank Greenberg carried it forward when Starr offered him the U.S. holdings. The focus of Greenberg was the selling of the different insurance through independent brokers, rather than agents. Greenberg believed that it was essential for any insurance company to make a profit that known as an underwriting profit.
Another milestone took place when Starr named Greenberg as his successor. In 1969, AIG went public. In 2004, AIG settled its dispute with the Securities and Exchange Commission for $126 million. In February 2005, Greenberg resigned as the CEO of the company amid different concerns relating to regularity inquiries. The company encountered many scandals in 2004, including several accounting irregularities investigated by SEC another governmental agencies. Also in 2004, the company restated its financial statements. On April 6, 2006, the company began to sponsor English football (soccer) and the team of Manchester United. On February 9, 2006, the company reached a settlement with New York State Attorney General’s office, in which AIG agreed to pay a fine.
Had To Pay For Own Roof
The Realtor told me that the house I was moving into needed a new roof. I filed a claim with AIG, my homeowners insurance. I had never filed a claim just paid my premiums. They denied the claim stating it was old damages. We ended up paying for the whole roof.
Months of Waiting
My husband and I are the beneficiaries for my mother-n-law's life insurance policy. My mother-n-law has passed away on due to a charter bus accident. Today, we have not even receive our pay out on the policy. It has been about 5 months now and AIG hasn't even make a verdict on the policy yet. We have been as patient as we can but it is getting me furious now because I don't understand the hold up on the policy. It's an accidental death, why is it taking this long? MY husband has contacted AIG numerous times, but he's only been given excuses. This is ridiculous. What do we have to do to get paid? We need help! My husband and I had spent a lot of money on my mother-n-law's funeral. We need the money back in our account so we can buy our first home. This is holding up our ability to buy a house.
I had storm damage to roof and interior sheet rock in my mom's estate house and was told a adjuster would contact me in 24 hours. Then I was told that an inspector would contact me within 48 hours. The house is for sale and in escrow. Getting the house repaired and secured from further damage is very important. A window of clear weather is present and the house being on the ocean front, exposed to very strong winds and rain needs to be repaired as soon as possible. When the wind is strong enough to tear up shingles on the roof it is next to impossible to secure the house from further damage with a temporary tarp. Insurance companies just delay and welch on their agreements with loopholes. This time of year is the time to sell houses and it is not practical to wait for insurance run around.
My car was in Cleveland state parking lot . The car in front burned causing a lot of damage to my car. The owner of burned car has AIG. It took 3 weeks for adjuster to come look. It has been 2 months and all I get is excuses from AIG customer service. I wonder if i will ever get a settlement.
I was a AIG customer for 2 years until someone hit my car when it was parked. Trying to explain this to a customer service agent took longer than it should have and getting a claims person out to my house took almost a week. It's a good thing i had a second car to drive or I would have been screwed. They did take care of the damage though.
It all started with a phone call from an AIG representative mentioning a lower rate which did happen, but I wish I never picked up the phone that day.
When I first moved to Florida, I was robbed and my car was damaged in the process. My personal belongings, purchases, stereo, and CDs were stolen. Someone busted out my back windows and stole a bunch of purchases I had left in the back seat. It was my fault for leaving the stuff in the back seat in the first place when I should have had the sense to put everything in the trunk. To my great satisfaction, the glass damage was covered and I had my windows replaced, as well as the stereo. There was no fuss dealing with AIG Insurance at all.
Half the Price of Others
Every year I go on a price hunt to see if I can get lower insurance premiums. Since I have been with AIG Insurance I haven't found any quotes lower or any policies that compare in terms of the reasonable cost/coverage ratio. I have comprehensive collision and liability insurance with AIG Insurance and I have seen quotes that are nearly double what I am paying AIG Insurance right now for the same exact coverage! I was shocked when I saw the crazy premiums other companies are expecting for the same coverage I am getting with AIG insurance at half the price. I really don't understand the discrepancy. It's been two plus years and I still haven't found rates any cheaper so I have stayed with AIG! If you are looking to save your money, then I would go with AIG; you can do your own quote comparisons and see for yourself the real savings.
Canceled But Paying
They renewed my policy and charged me for it despite the fact that I moved and canceled my policy.
No one to talk to
When I called AIG's toll free number to talk to someone about my bill, I was on the phone forever. My bill was fifty dollars higher than I anticipated and I wanted to find out why. The call is automated and all I wanted to do was to talk to a real person, not a machine. I didn't need a machine to tell me that the bill was such and such, or when it was due. What I needed was a person to tell me why the bill was higher than it should be! I wasn't willing to pay a bill that was higher than expected without some kind of explanation. I hate getting the run around. I ended up having to call my insurance agent, and wait three days to find out that I drive what is considered a "high risk vehicle" by AIG Insurance for theft. While there's nothing I can do about the higher cost, I would really like it if automated telephone responses were eliminated completely!