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American International Group (AIG), the largest underwriter of commercial and industrial insurance in the United States, has decided not to increase the current level of premium charged in respect of War Risk on Marine Cargo Insurance. Hayleys AIG Insurance Company Limited is a joint venture between Hayleys, the Sri Lankan blue chip conglomerate and the AIG Insurance Group. The company has been in operation in Sri Lanka since 1999. Mr. Alan Brown, Managing Director of the company issuing a press release said, “The situation in the country will continue to be reviewed on an ongoing basis.” Customers of the company will therefore not be subject to any increased premiums in respect of insurance upon cargo items imported to or exported from Sri Lanka.
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