$14bn wiped off insurer’s market value
The world’s largest insurer, AIG, has raised its estimated losses from the sub-prime mortgage crisis five-fold from $1bn to $5bn.
This follows a warning by its auditors, PWC, that the insurer had shown a “material weakness” in the way it valued its exposures.
Recent estimates put potential losses for securities linked to subprime mortgages at $400bn. AIG has already written credit default swaps worth $78bn on collateralised debt obligations.
The company’s price plummeted by over 11 per cent in the wake of the news; $14bn was wiped off the company’s market capitalization in the process.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
