|AIG AUTO INSURANCE LOWERS RATES IN NEW JERSEY|
New auto insurance rate will result in savings of more than $5 million for New Jersey drivers
NEW YORK--May 18, 2005--AIG Auto Insurance today announced that it will lower auto insurance costs for more than 55,000 policyholders in New Jersey. Beginning June 30, 2005, AIG Auto Insurance will implement a 4% rate decrease, which will lower auto insurance costs on over 115,000 vehicles and result in a savings of more than $5 million for New Jersey drivers insured by American International Insurance Company of New Jersey.
"AIG Auto Insurance is committed to the New Jersey market," said Tony DeSantis, President of AIG Marketing, Inc., the personal lines direct marketing arm of AIG that includes AIG Auto Insurance. "While some carriers have entered, exited and re-entered the market over the years, AIG Auto Insurance has continually offered New Jersey drivers comprehensive auto coverage at competitive rates. We appreciate the cooperation of the New Jersey Department of Banking and Insurance during the filing process for this rate decrease and look forward to continuing our long and productive relationship with New Jersey consumers."
The state represents one of the largest customer segments for AIG Auto Insurance, which provides insurance coverage for over 5 percent of New Jersey drivers. While 40 auto carriers have left the New Jersey market in the last 15 years, AIG Auto Insurance has remained and worked with the Department of Banking and Insurance to improve the marketplace. Reforms enacted in 2003 and implemented throughout 2004 have provided a framework that promotes competition and market stability, and has also expanded coverage availability.
"Positive changes in the New Jersey regulatory environment have given us reason to be optimistic about the future of the auto insurance market in New Jersey," continued Mr. DeSantis. "The New Jersey market is as competitive as it has ever been, which can only benefit consumers. We look forward to working with the drivers of New Jersey to provide insurance coverage that meets their needs and provides a cost effective alternative to other companies in the state."
American International Group, Inc. (AIG) is the world's leading international insurance and financial services organization, with operations in more than 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 retirement services, financial 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 and ArcaEx, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
Insurance is underwritten by member companies of American International Group, Inc., and is subject to underwriting review and approval. The description herein is a summary only. It does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for complete details of coverage and exclusions. Coverage may not be available in all states. Non-insurance products may be provided through independent third parties.
CONTACT: American International Group, Inc.