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AIG Expects Loss Of About $1 Billion Due To Q1 Catastrophes

Financial News Network
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May 18, 2011 AT 12:08 AM
AIG (NYSE:AIG) said its preliminary pre-tax insurance loss due to Q1 catastrophes, including the earthquake in Japan, is expected to be about $1 billion this year.The company's preliminary estimate also includes losses related to the New Zealand earthquake, U.S. winter storms, northeast Australian floods, Cyclone Yasi, and the Brazil floods.Robert H. Benmosche, President and Chief Executive Officer of AIG said, "Our priority is supporting all of our customers and employees who have borne the impact of these many catastrophes, In Japan, where the people in the affected areas continue to bear many hardships, including aftershocks, lack of electricity, and fuel shortages, we are working closely with our customers and continue to monitor events in the country as they unfold. We have been able to make substantial progress due to the remarkable efforts of our claims department and our customer service department, which have been working non-stop since the event. We have also been actively engaged in bringing relief supplies to the hardest hit areas."