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Will the AIG Crisis affect Singapore?

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.

10 Responses

  1. Kenji Tay says:

    Well said, Dun leave your Financial Fate For Others To Decide, Things Whreeby You Cannot Control, Be It Enviromentally Or Politically.. You Are Placing Your Wealth’s Fate In Other People’s Hands Rathe Than Taking Control Of It Yourself.. When You Lose It, Who Is It To Blame ? The Market Collapse Or Your Wilful Gamble ?

  2. Moon says:

    I think you are right if related to share markets. In this case, I would say that insurance is kind of protection and investment that most of the people get involved in. And the intention is not meant for gamble but protection of life.

  3. eunice says:

    Our family policies are from AIA too, cos my buddy is the agent for AIA. She has many panicky calls yesterday, all worrying about the fate of their policies. But she rest assured me that AIA insurance arm in Singapore is not affected. I think MAS has good control of that bah… Well well, hope AIG can survive with the help of the funding by its US govt now. If not, many Americans will lose their policies overnight!!

    I agreed with you that insurance is a form of protection to hedge against life’s uncertainties. It’s a real gamble if we do not have any insurance coverage!

  4. Kenji Tay says:

    Insurance is ok.. but what I meant is Funds.. Shares offered by erm… insurance company etc. If its about investment.. I woudn’t say its a right or wrong thing but rather, dun put all your eggs in one basket and hope it will being you your fortune. Afterall, your fortune should be worked upon. Moreover, although It is said that the returns will be higher than if yo leave it in a bank.. (as in terms of investments), but I rather you make better use of the amount than let other company use your money to invest and make more money for themselves…

    As for life protection, That is completely alright and logical.. but to “borrow” money to “companies” to “invest”.. I think its not a wise decision to put everything into a basket and have no control..

    *Do note that I am not saying investment is bad.. but rather.. investment requires lots of homework to be done and not just anything that is a hear say by “experts” in Insurance Company..

  5. Asher says:

    Hi Moon,
    You don’t have to worry about your life insurance policies
    with AIA. AIG is AIA’s parent company but all monies that
    are related with life insurances are held in a totally
    seperate account then accounts for investment.

    Even if your life insurance is an investment linked product,
    your sum assured is still guaranteed.

    Just to let you know, AIG is now currently being assisted
    by the American government because they realised that if
    AIG were to fall, the whole American financial industry
    will be severely affected.

    Feel free to ask me if you need any other assistance, you
    know how to contact me =D


  6. Moon says:

    Hi Eunice,
    Yah, my buddy is the agent for AIA too and few months earlier we just bought an insurance for Baby Moon (as kind of protection and education fund purposes). Hmm.. life is unexpected!

    Hi Kenji,
    I fully understand what you mean, your statement is quite true and investment is really depends on whether you are a risk taker. So, I guess you do not have any “investment” by Insurance Company?! =)

  7. Moon says:

    Hi Asher,
    I just read the news about that also. Now relax a bit because most of my family insurances are under AIA.. =)

  8. eunice says:

    Ha! I just had a coffee session with my AIA buddy. I think nothing to fear bah, cos it’s a separate issue. But then those investment plans will be affected, anyway, which investments not affected now with the current market so volatile. Now AIG, tomorrow dunno which one kana.

    Then many are buying low shares now, especially from AIG! I will consider hehehe, no money lah! XP

  9. KUMAGCOW says:

    Asian markets are bullish after that US drop

    Care to visit my site today? Thanks! http://www.kumagcow.com

  10. Moon says:

    Hi kumagcow,
    Thanks for being here. I just visited your website too =)