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May 16, 2008 at 01:24 PM
North American insurers are starting to announce efforts to respond to the recent earthquake in China’s Sichuan Province.
A 7.9-magnitude struck the province Monday, and Chinese officials have estimated it may have killed as many 50,000 people.
American International Group Inc., New York, says it will match 100% of all employee contributions to China earthquake relief and reconstruction efforts and also make an outright donation of $1 million to the relief efforts.
AIG was founded in Shanghai in 1919 and returned to China in 1992. It has a wholly owned subsidiary in China, American International Assurance, Hong Kong, and also owns a 9.9% stake in People’s Insurance Company of China, Beijing.
“AIG is deeply committed to providing financial assistance to our friends in China who have been greatly affected by this devastating natural catastrophe,” AIG President Martin Sullivan says in a statement. “Our thoughts and prayers are with the Chinese people during this extremely difficult time.”
AIG is ready to use its experience and partnerships in the region to help the residents of Sichuan Province rebuild, Sullivan says.
- Manulife Financial Corp., Toronto, says it will be contributing the equivalent of about $286,000 to the relief efforts.
Some of the donation will go to the general Red Cross Earthquake Appeal fund, and some will go to help schoolchildren and teachers at schools destroyed by the earthquake, Manulife says.
