
The hottest news in town for these two days must be the AIG Crisis. The AIG subsidiary, American International Assurance (AIA) has also been affected. About 100 nervous customers on Tuesday waited outside AIA offices in Singapore to check the status of their policies. Even Monetary Authority of Singapore said in a statement that AIA has sufficient assets to meet all its liabilities to policyholders but some still wish to cancel their policies.
According to report, AIG Singapore founded in 1931 has more than 2 million policies in force. The possibility of AIG bankruptcy has brought to the fear of all the people in town and all of us are monitoring the situation closely.
The collapse of Lehman Brothers and the AIG Crisis has created new uncertainties for Singapore’s economy. Singapore ecomonic growth forecast also has been revised from 5-6 percent to 4-5 percent this year.
I strongly feel the impact on the U.S. financial turmoil towards the whole environment. I am also worrying whether my insurance policies with AIA life insurance unit, were safe. Life becomes harder and I think you can feel it in some ways too. If you were to ask me what can I do for this moment, I would tell you I won’t sit there doing nothing but will work harder to make more money online to secure my future.