Hundreds of worried policyholders on Wednesday thronged Asian offices of troubled global insurance giant American International Group (AIG), some hoping to terminate their agreements. In Singapore, hundreds lined up outside the company's local headquarters while more than 1,200 descended on the Taipei offices of AIG subsidiary Nan Shan Life Insurance.
About two dozen anxious customers crowded into a small AIG subsidiary office in Hong Kong, where RTHK radio, citing government sources, reported more than 1,500 insurance policies with the subsidiary had been terminated in two days. Some clients said they were unmoved by the US Federal Reserve's announcement of an unprecedented loan of up to 85 billion dollars to avert a collapse of AIG, which was expected to lead to a global financial calamity.
Pentja, an Indonesian, said he had flown from Jakarta and gone immediately to queue outside the Singapore offices of AIG and its wholly-owned subsidiary American International Assurance Company Limited (AIA). He said he knew about the US rescue plan for AIG but wanted to terminate his three policies anyway. "I prefer to take out the money. I don't mind the loss," he said.
Karen Choo, of Singapore, was also insistent on withdrawing her funds. "I don't feel confident. I'd rather take the money out and invest elsewhere," said Choo, who took the day off work to join the queue, which stretched around the office tower in Singapore's financial heart. Choo said she had two policies worth about 100,000 Singapore dollars (70,000 US).
"It's such a big insurance company. Who would have thought? We still want to go ahead to surrender our policy. At least we get back some of the money," said another woman, who gave her name only as Lim. In Taipei, hundreds of customers were seen waiting inside the downtown Nan Shan office. Some hoped to secure loans on their insurance policies while an unknown number of others terminated them.
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