American International Group, Inc. Essay

Decent Essays

American International Group, Inc. (AIG) is one of the top insurance carriers in the world. AIG was founded in Shanghai, China in 1919 as American Asiatic Underwriters (AAU) ("History - Insurance from AIG in the US”). The first office in the United States opened in New York City in 1926 ("History - Insurance from AIG in the US”). Throughout time, the company continued to expand across the globe, while relocating their headquarters to New York City from China. As of today, AIG has increased their services to over 100 countries offering property and casualty insurance, retirement products, life insurance, mortgage insurance and other financial services.
As stated earlier, AIG has many insurance operations. In their 2015 10K, AIG used two segments to report their operations: Commercial Insurance and Consumer Insurance (personal insurance). AIG broke down their Commercial Insurance into three operating parts: Property Casualty, Mortgage Guaranty and Institutional Market. AIG’s other segment, Consumer Insurance (personal insurance), was also further broken down into three operating parts: Retirement, Life and Personal Insurance. Along with their personal and commercial lines, AIG offers many financial services.
Competition is an immense part of the insurance industry. Some of AIG’s top competitors include: Allstate, Liberty Mutual, Chubb Ltd., and Nationwide Mutual Group. For Consumer Insurance most of AIG’s competition is within the United States involving mutual funds, banks,

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