AIG settles R85 million insurance claim
AIG South Africa settled its largest claim this year after a fire at a Nampak factory rendered extensive damage to property and equipment.
Nampak, Africa’s top packaging firm, was unable to salvage anything from its plant in
AIG South Africa was the lead insurer for the 2007/2008 policy year holding 30% of the risk. The final net settlement of AIG South Africa’s 30% totalled £4.7 million (R84.8 million at an exchange rate of R18.02 to GBP£1). “Despite the concerns surrounding AIG Inc, this settlement indicates that AIG South Africa continues to pay claims and underwrite new business as usual,” said Venessa Terblanche, Claims Director, AIG South Africa. AIG South Africa’s insurance operations remain wholly independent from AIG Inc. The assets and capital base of AIG South Africa Limited and AIG Life South Africa Limited are protected and cannot be accessed as they are required by local law to maintain specific levels of solvency in order to maintain trading licenses. “We remain tightly regulated and profitable and will continue to underwrite our clients’ insurance risks and pay claims as we have for the past 46 years,” said Terblanche. AIG South Africa was the lead insurer for the 2007/2008 policy year holding 30% of the risk. The final net settlement of AIG South Africa’s 30% totalled £4.7 million (R84.8 million at an exchange rate of R18.02 to GBP£1). “Despite the concerns surrounding AIG Inc, this settlement indicates that AIG South Africa continues to pay claims and underwrite new business as usual,” said Venessa Terblanche, Claims Director, AIG South Africa. AIG South Africa’s insurance operations remain wholly independent from AIG Inc. The assets and capital base of AIG South Africa Limited and AIG Life South Africa Limited are protected and cannot be accessed as they are required by local law to maintain specific levels of solvency in order to maintain trading licenses. “We remain tightly regulated and profitable and will continue to underwrite our clients’ insurance risks and pay claims as we have for the past 46 years,” said Terblanche. AIG South Africa was the lead insurer for the 2007/2008 policy year holding 30% of the risk. The final net settlement of AIG South Africa’s 30% totalled £4.7 million (R84.8 million at an exchange rate of R18.02 to GBP£1). “Despite the concerns surrounding AIG Inc, this settlement indicates that AIG South Africa continues to pay claims and underwrite new business as usual,” said Venessa Terblanche, Claims Director, AIG South Africa. AIG South Africa’s insurance operations remain wholly independent from AIG Inc. The assets and capital base of AIG South Africa Limited and AIG Life South Africa Limited are protected and cannot be accessed as they are required by local law to maintain specific levels of solvency in order to maintain trading licenses. “We remain tightly regulated and profitable and will continue to underwrite our clients’ insurance risks and pay claims as we have for the past 46 years,” said Terblanche. AIG South Africa was the lead insurer for the 2007/2008 policy year holding 30% of the risk. The final net settlement of AIG South Africa’s 30% totalled £4.7 million (R84.8 million at an exchange rate of R18.02 to GBP£1). “Despite the concerns surrounding AIG Inc, this settlement indicates that AIG South Africa continues to pay claims and underwrite new business as usual,” said Venessa Terblanche, Claims Director, AIG South Africa. AIG South Africa’s insurance operations remain wholly independent from AIG Inc. The assets and capital base of AIG South Africa Limited and AIG Life South Africa Limited are protected and cannot be accessed as they are required by local law to maintain specific levels of solvency in order to maintain trading licenses. “We remain tightly regulated and profitable and will continue to underwrite our clients’ insurance risks and pay claims as we have for the past 46 years,” said Terblanche.
