An independent insurance agent association expressed concern that the troubles related to American International Group may create a false public perception that insurers have been engaging in the same risky transactions as banks and lenders.
Neal Sullivan, chairman of the Independent Insurance Agents and Brokers of New York (IIABNY) and president of Sullivan Financial Group in Mahopac, N.Y., said that AIG being in the news alongside names such as Lehman Brothers may "send the wrong message to consumers" that p-c insurance companies are mixed up with other Wall Street companies in the mortgage crisis.
Mr. Sullivan said property-casualty insurers are not into the type of business that has created the crisis, and he noted that even in AIG's case, many of the problems stem from investments, rather than actual insurance risks.
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