WASHINGTON–The Government Accountability Office and Pennsylvania insurance commissioner told Congress today that there is no evidence American International Group is engaged in predatory pricing of its property-casualty business.
Their comments came at a packed hearing on AIG before the Capital Markets Subcommittee of the House Financial Subcommittee.
Orice Williams, director of the GAO's financial markets and community investment unit, said, "State insurance regulators, insurance brokers and insurance buyers said that while AIG may be pricing somewhat more aggressively than in the past in order to retain business in light of damage to the parent company's reputation, they did not see indications that this pricing was inadequate or out of line with previous AIG pricing practices."
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