AIG Insurance is one of the insurance carriers that Ferguson Insurance Center is authorized to represent, among many others.
We have seen a trend that people are asking more about the history of AIG, as well as searching for honest AIG insurance reviews.
To be fair, we decided to cover these topics, not from the standpoint of a company who sells insurance provided by AIG, but as a researcher who desperately wants to uncover as much about AIG as possible so that they can make an informed decision to do business with the right insurance carriers.
Along the way, I was both shocked and inspired by what I learned about the history of the company, which I’m sure will surprise many of you as well.
So without any more delay, let’s dive into it...
The History of AIG
AIG has a long an surprising history, including war and espionage. AIG Insurance history and founding read like a mystery novel. But first, let's start with something simple.
What Does AIG Stand For?
American International Group, Inc., also known as AIG, is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions.
Where is AIG?
Aig has many offices and affiliate brokers and agents all around the world but the east coast headquarters is located in New York City, NY at 70 Pine Street with the west coast headquarters in Los Angeles, CA.
They also have important office locations in Atlanta, San Francisco and Stowe, VT
Who is AIG Owned By? Who Founded AIG?
One of the more difficult things to find is a single owner of a company the size of AIG. If you go according to AIG Stock price and information, the company is owned mostly (upwards of 91%) by investment institutions.
AIG was founded by Cornelius Vander Starr, who originally founded AIG in Shanghai, China on December 19, 1919. Then known as American Asiatic Underwriters, the first office in the united states opened in 1926, and the headquarters would eventually be moved to New York City in 1939.
Later, it was reported that he was also an Operative with the Office of Strategic Services which would lead to the creation of the CIA. These Secret Insurance Agents were written about in the Los Angeles Times back in 2000.
Currently, AIG is run by President and CEO Brian Duperreault, who was inducted into the Insurance Hall of Fame in 2011.
How Many Employees Does AIG Have?
As of December 31, 2016, AIG employed 56,400 people though wikipedia lists that number to down to 49,800 in 2017.
The company also has almost half a billion in total assets: $498.30 billion (2017)
AIG Insurance Products: Coverage & Policies
AIG Travel Insurance
AIG travel guard is a global travel insurance company that allows you to get AIG trip insurance to protect cancellations and delays. You are also covered with travel health insurance in case you have an emergency illness or injury during a trip.
AIG Auto Insurance
AIG car insurance offers broader coverage to help minimize risk. They offer high liability limits and new vehicle replacements so that you can protect your your most important possessions.
AIG Home Insurance
With AIG homeowners insurance, you can extend your coverage to 100% of the rebuild cost of your home, which means that you will be able to be fully covered in the situation that your home is completely lost from damages.
AIG Commercial Insurance
Insurance for business and enterprise customers is much more complex that personal insurance because they must insure against many different risks.
Each business needs to be covered from different risks based on what they do and AIG helps businesses get all of the protection they need for each unique scenario.
AIG Boat/Yacht Insurance
With AIG’s Private Client Group, you get the opportunity to get Yacht Insurance with people who understand the specific needs of yacht owners. AIG offers customized Yacht insurance coverage and loss prevention services to provide that ‘white glove’ level of service.
AIG Ratings & Reviews
Most people will end up reading reviews and looking up ratings while shopping online for insurance, so it only seems natural for this article to dive into the reputation of the company. Here's a look at AIG insurance ratings as well as a summary of the reviews that were found online.
AIG Insurance Rating
On the AIG investor relations page they list the company credit rating for S&P, Moody’s, and Fitch are that of Moderately risk in Senior Debt, Non-Life Financial Strength and Life Financial Strength.
The AIG insurance AM Best rating is an A, which means...
That means that AIG has a somewhat stable outlook when it comes to the companies financial stability. Great to know if you are an investor but for those who plan to buy insurance soon what is most important to know about AIG is that they are a very solid company and the coverage you get through them is going to be good for a long while.
AIG Insurance Reviews
Reading reviews on insurance can be a very slippery slope to climb. Why? You tend to only see bad reviews for certain industries.
Think about it...
When you go to a restaurant, you most likely are willing to review it whether you have a good experience or a bad one.
Not so in the insurance industry...
Outside of the occasional outstanding review here and there, most people will only review an insurance carrier if they have had a less than desirable experience with a claim.
Still, it’s important that you understand what you are potentially getting from the insurance carrier that you work with.
AIG travel insurance reviews
AIG travel insurance has many mixed reviews online, some sites give 1 star while others give 4.5 stars. How could you ever know what people are getting from their AIG travel guard insurance policy?
One of the key factors to understand is that buying insurance from someone who doesn’t specialize in insurance (i.e. Travel Agents, Travel Websites, etc.) is never a good idea.
Almost all of the bad reviews that I saw online during my research for this article come from someone who booked through a travel site or a travel agent, not a qualified insurance broker or agent.
You wouldn’t get a medical exam from a kitchen supply store because it doesn’t make sense. Same rule applies to travel insurance.
AIG Auto Insurance Reviews
AIG car insurance also had plenty of bad reviews on consumer affairs. The 2 star review came from what seemed to be quite a few complaints of long wait times during calls, and 5 star reviews from people who were long term customers of AIG insurance.
Mixed in with these reviews were several people who obviously were not familiarized with the coverage that they had purchased. Unfortunately for them, they purchased coverage from an agent who either didn’t inform them of what their policy covered or one who was incompetent.
AIG Homeowners Insurance Reviews
Again, consumer affairs gives AIG home insurance a 2 star review, although it seems that many of these reviews are positive but seem to have 3 star reviews instead of 5 stars.
Still, AIG has many complaints in this area.
AIG Business Insurance Reviews
There were not review for AIG business insurance available on Consumer Affairs. Having said that, AIG is definitely a go to for business owners policies, general liability insurance and workers compensation.
They typically offer very reasonable rates and provide highly comprehensive policies to cover business owners.
AIG Insurance Review Conclusion:
From all of the research that I’ve been through for this AIG Review, plus my years of experience in the insurance industry, I can tell you with complete confidence that AIG is a good company that has also had some low moments in its past with some of the customer service issues.
Here’s what I suggest if you plan to do business with AIG
Find an AIG Insurance Broker
Find an AIG insurance broker who has at least been in business for 5+ years. Many of the bad reviews that I saw online came from customers buying insurance from sales people who just aren't knowledgeable enough to sell them the right policies.
The best way to avoid that is to choose to work with an experienced Insurance professional only.
We’re An AIG Broker: 100% Certified!
With almost 30 years of experience in the insurance industry, we know how to avoid the pitfalls that many newer insurance brokers and agents struggle with. If you are looking for a new policy let us help you get it done right the first time.
Get A Quote
We work with over 30 insurance carriers so you won’t just get an AIG insurance quote, but many other competing quotes as well.
This allows us to get the perfect coverage for your home, car or business with the best rates you’ll find.
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