AIG Provides Preliminary Estimates of Third Quarter Net Catastrophe Losses
October 09 2017 - 4:16PM
Business Wire
American International Group, Inc. (NYSE:AIG) announced today it
currently expects to report third quarter 2017 pre-tax catastrophe
losses net of reinsurance of $2.9 billion to $3.1 billion ($1.9
billion to $2.0 billion after-tax). This amount includes pre-tax
estimated losses of $1.1 billion to $1.2 billion from Hurricane
Harvey, $1.0 billion to $1.1 billion from Hurricane Irma, $600
million to $700 million from Hurricane Maria, and approximately
$150 million in additional catastrophe losses including Mexico
earthquakes.
Brian Duperreault, President and Chief Executive Officer said,
“During this period of unprecedented catastrophes, our thoughts are
with all who are affected by these storms. We are actively ensuring
the safety and support of AIG employees, who acted selflessly to
serve their colleagues, clients, and communities. Through AIG’s
financial strength and long experience with natural catastrophes,
our teams across the company have reacted quickly to provide our
clients with the claim funds, resources, and expertise they need to
recover and rebuild with greater resilience. We are proud of our
response as a member of the industry and as a corporate citizen
during this time of need.”
This preliminary estimate involves the exercise of considerable
judgment. Due to the complexity of factors contributing to the
losses, there can be no assurance that AIG’s ultimate losses
associated with these events will not differ from this estimate,
perhaps materially.
Certain statements in this press release constitute
forward-looking statements. These statements are not historical
facts but instead represent only AIG’s belief regarding future
events, many of which, by their nature, are inherently uncertain
and outside AIG’s control. It is possible that actual results will
differ, possibly materially, from the anticipated results
contemplated by these statements. Factors that could cause actual
results to differ, possibly materially, from those in the
forward-looking statements are discussed throughout AIG’s periodic
filings with the Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934.
American International Group, Inc. (AIG) is a leading global
insurance organization. Founded in 1919, today AIG member companies
provide a wide range of property casualty insurance, life
insurance, retirement products, and other financial services to
customers in more than 80 countries and jurisdictions. These
diverse offerings include products and services that help
businesses and individuals protect their assets, manage risks and
provide for retirement security. AIG common stock is listed on the
New York Stock Exchange and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com |
YouTube: www.youtube.com/aig | Twitter: @AIGinsurance
www.twitter.com/AIGinsurance | LinkedIn:
www.linkedin.com/company/aig. These references with additional
information about AIG have been provided as a convenience, and the
information contained on such websites is not incorporated by
reference into this press release.
AIG is the marketing name for the worldwide property-casualty,
life and retirement, and general insurance operations of American
International Group, Inc. For additional information, please visit
our website at www.aig.com. All products and services are written
or provided by subsidiaries or affiliates of American International
Group, Inc. Products or services may not be available in all
countries, and coverage is subject to actual policy language.
Non-insurance products and services may be provided by independent
third parties. Certain property-casualty coverages may be provided
by a surplus lines insurer. Surplus lines insurers do not generally
participate in state guaranty funds, and insureds are therefore not
protected by such funds.
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version on businesswire.com: http://www.businesswire.com/news/home/20171009005949/en/
American International Group, Inc.Liz Werner (Investors):
212-770-7074elizabeth.werner@aig.comorFernando Melon (Investors):
212-770-4630fernando.melon@aig.comorMatt Gallagher (Media):
212-458-3247matthew.gallagher2@aig.comorSamantha Ebinger (Media):
212-770-8433samantha.ebinger@aig.com
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