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American insurer reports biggest loss in history

Staff Reporter 1 minute read

Part nationalised American insurance giant AIG yesterday reported a net loss for 2008 of US$99.3 billion (A$158 billion), with a net loss of US$61.7 billion (A$98 billion) in the fourth quarter alone.’

In response to the devastating result the American government said it would invest a further US$30 billion (A$38 billion) into the insurer, on top of its already close to 80 per cent stake.

"Given the systemic risk AIG continues to pose and the fragility of markets today, the potential cost to the economy and the taxpayer of government inaction would be extremely high," a statement from the US Treasury and Federal Reserve said.

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American insurer reports biggest loss in history
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