Updated: 16th September 2008, 1620 hrs
AIA clients terminating insurance policies
AIA clients terminating insurance policies
Despite officials assuring that AIA's in the clear, anxious customers in Singapore have begun terminating their policies.
Earlier on Tuesday (16/9), many rushed down to the insurance company's office in Raffles Place, forming queues to get into the building.
They told 938LIVE that they wanted to play safe.
"You only have two options right, A - you stick with it and hopefully they don't collapse. B - you surrender your policy and incur great losses..."
"I might as well pull my life savings out....."
"I just wanted to surrender my policy. I mean you read about in the papers. They have all kinds of assurances but these days you don't know what is safe and what is not anymore. So.. better to be safe than sorry."
The anxiety arose on news that AIA's parent company, AIG, is facing a cash crisis.
It's the first insurance giant to be hit by the U-S subprime crisis that has escalated into a global credit crunch.
AIA policyholders here flooded the insurer's offices and telephone hotlines with questions about their options.
Insurance agent Ms Chew's phone has been ringing off the hook -- although none of her clients have terminated their policies.
To address customer's fears, her company has provided agents like her with the same newspaper articles that are pasted on the main entrance of AIA's building in Raffles Place.
"They actually gave us news clippings today from ST because they havent released a press release yet so we're also not sure what they are going to say. But one thing thats for sure is AIA and AIG they hold different funds. Our life fund we actually have to keep reserve for it. So in Singapore it's still OK."
AIA Singapore has yet to comment on the situation.
AIA clients terminating insurance policies
AIA clients terminating insurance policies
Despite officials assuring that AIA's in the clear, anxious customers in Singapore have begun terminating their policies.
Earlier on Tuesday (16/9), many rushed down to the insurance company's office in Raffles Place, forming queues to get into the building.
They told 938LIVE that they wanted to play safe.
"You only have two options right, A - you stick with it and hopefully they don't collapse. B - you surrender your policy and incur great losses..."
"I might as well pull my life savings out....."
"I just wanted to surrender my policy. I mean you read about in the papers. They have all kinds of assurances but these days you don't know what is safe and what is not anymore. So.. better to be safe than sorry."
The anxiety arose on news that AIA's parent company, AIG, is facing a cash crisis.
It's the first insurance giant to be hit by the U-S subprime crisis that has escalated into a global credit crunch.
AIA policyholders here flooded the insurer's offices and telephone hotlines with questions about their options.
Insurance agent Ms Chew's phone has been ringing off the hook -- although none of her clients have terminated their policies.
To address customer's fears, her company has provided agents like her with the same newspaper articles that are pasted on the main entrance of AIA's building in Raffles Place.
"They actually gave us news clippings today from ST because they havent released a press release yet so we're also not sure what they are going to say. But one thing thats for sure is AIA and AIG they hold different funds. Our life fund we actually have to keep reserve for it. So in Singapore it's still OK."
AIA Singapore has yet to comment on the situation.
AIA clients terminating insurance policies
AIA clients terminating insurance policies
AIA clients terminating insurance policies
AIA clients terminating insurance policies
AIA clients terminating insurance policies
AIA clients terminating insurance policies
AIA clients terminating insurance policies
AIA clients terminating insurance policies
AIA clients terminating insurance policies
AIA clients terminating insurance policies
AIA clients terminating insurance policies
AIA clients terminating insurance policies
AIA clients terminating insurance policies
AIA clients terminating insurance policies
AIA clients terminating insurance policies
