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Mike Bryant
Mike Bryant
Attorney • (800) 770-7008

AIG: It’s Just A Mess

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American International Group Inc (AIG) is made up of a lot of different components. Many of which I will never have a chance or really an interest to comprehend. For me, the interest comes from clients who have car insurance with AIG or are hit by someone with AIG. Watching the stories out there, it’s scary to think that such a big company seems to have been run so poorly.

Recently, AIG’s auto insurance name was changed to 21st Century Insurance. With people paying premiums and governmental over-site supposedly requiring proper evaluation of potential exposure there shouldn’t be a problem. Some states have funds to protect against the occasional and usually rare case of an insurance company going belly up. In those cases the issues may be complicated but many of the people with losses will be compensated.

Hopefully, the separation of the auto as part of the government’s plan for AIG’s salvage will prevent the policyholder from being ripped off. But, I am hearing of slower settlement checks and a number of AIG/ 21st Century employee lay offs and that’s a great concern. A person who is hurt has enough issues to deal with without finding that the premium dollar they’ve been sending in is all going into a dark hole. If you are in this situation, make sure you talk to an experienced attorney who can help make this issue a little less stressful.