Wall street took the worst tumble since 9/11 with ripples spreading to India with rupee suffering the steepest fall in many years. We are aware of the fate of Lehman Brothers and the sale of Merril Lynch. However, the markets fuelled further as major credit rating agencies downgraded US' largest Insurer American International Group (AIG) which is struggling to survive as it runs for cover. Will there be a cross border melt down? The company stock plummeted 61% to $4.76 in NY last monday.

In India, AIG has two Insurance joint ventures with the Tatas - Tata AIG for life and another is TATA AIG - General for which, Secure Insurance Solutions promote as their Corporate Agents. Though, there's a Crunch time at AIG, our TATA AIG Policy Holders needn't worry. The main reason is the financial condition of Insurance subsidiaries of AIG in India is stable and can meet liabilities arising out of the claims from the policy holders. The IRDA (Insurance Regulatory and Development Authority) has asked for a report from both the Tata Life and Tata General on the development regarding its promoter AIG. IRDA confirms that both the Insurance companies promoted by Tata sons and AIG as on March 31, 2008 indicate satisfactory solvency margins with no worry as these companies possess assets to meet liabilities.

Moreover, the Tata Insurance Companies are registered under the Indian Companies Act and are bound by the provisions of the Insurance Act and other Regulations.

Tata AIG General Insurance companies that we deal in, has earned a premium of Rs.813 in 2007-08 and the Life earned a first year premium of Rs.969 crores. Sources say, TATA will chip in and buy out the 26% stake of AIG in both the companies if at all AIG does not survive. Tata is sure to find a foreign partner to offload 26% stake that it will acquire from AIG.

So well, our customers need to relax and their interest will remain unaffected. Btw, are you Insured? Do you need a cover for General Insurance? Or, do you wish to buy a new Car and know not where to go for Finance? Well, surf Swagatgroup and call on us for your One stop Solutions. Even, we sell dreams! Find How!

- ilaxi