|AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY OF NEW YORK TO PROVIDE ACCIDENTAL DEATH & DISMEMBERMENT COVERAGE TO U.S.-BASED REMITTANCE CUSTOMERS OF THE NATIONAL BANK OF PAKISTAN|
NEW YORK--Jan. 16, 2004--American International Life Assurance Company of New York (AILIFE), a member company of American International Group, Inc. (AIG), today announced that it will provide $10,000 of Accidental Death & Dismemberment (AD&D) insurance coverage* to U.S.-based remittance customers of the National Bank of Pakistan (NBP).
Presently, there are more than 700,000 Pakistani nationals living and working in the United States, who together control approximately $250 billion in assets and average $300 - $500 in remittance per month. Those who remit funds for distribution overseas through the National Bank of Pakistan will automatically receive the AD&D coverage at no additional cost to the customer; the NBP is paying the premium costs on the customers' behalf.
"This is the first program of its kind that we are making available to the remittance population in the United States," said Nicolas C. Walsh, President and Chief Executive Officer, American International Underwriters. "We are pleased to work with the National Bank of Pakistan to provide such an important service and anticipate that this coverage will bring significant added value to the Bank's customers."
Coverage will be made available for a 12-month period from the first remittance, and only one transaction is required to become eligible for the program. The coverage is now available to anyone using the Bank's branches in New York City and Washington, DC; plans call for similar programs to be offered to the Bank's customers in the United Kingdom and Continental Europe over the next 6-12 months.
"Home remittances are not only important to NBP's customers and their beneficiaries in Pakistan, but also to Pakistan's economy and foreign exchange reserves," said M. Rafiq Bengali, Regional Chief Executive, National Bank of Pakistan, Americas. "As such, the objective of assisting the remitter has been conveyed to the community by the President of Pakistan, the Prime Minister, the Finance Minister and the State Bank Governor. Consequently, we designed this program in collaboration with AILIFE to provide continued financial security to NBP's customers and their beneficiaries in Pakistan."
AIG is the world's leading international insurance and financial services organization, with operations in approximately 130 countries and jurisdictions. AIG member companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In the United States, AIG companies are the largest underwriters of commercial and industrial insurance and AIG American General is a top-ranked life insurer. AIG's global businesses also include financial services, retirement services and asset management. AIG's financial services businesses include aircraft leasing, financial products, trading and market making. AIG's growing global consumer finance business is led in the United States by American General Finance. AIG also has one of the largest U.S. retirement services businesses through AIG SunAmerica and AIG VALIC, and is a leader in asset management for the individual and institutional markets, with specialized investment management capabilities in equities, fixed income, alternative investments and real estate. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
*The description above is neither a complete description nor a complete list of all policy terms, conditions and exclusions. Note that certain terms used above are defined in the policy. Please see the policy for a complete description of its scope and limitations of coverage. Issuance of coverage is subject to underwriting. Insurance is underwritten by member companies of American International Group, Inc. Non-insurance products may be provided through independent third parties. Only one benefit plan may be in effect per insured for any 12-month period.
CONTACT: AIG, New York Andrew Silver, 212-770-3141 SOURCE: American International Group