AIG Disaster Relief Fund donation a timely catalyst for beginning post-tsunami reconstruction

News and Press Release
Originally published
Silver Spring, MD, July 19, 2005 -- Now that immediate efforts to assist tsunami victims with housing and food relief are well underway, the AIG Disaster Relief Fund and CHF International are joining together to begin the next critical phase of long-term reconstruction that will be needed for years to come.
An AIG Disaster Relief Fund donation of more than half a million dollars will provide for the complete revitalization of one of Banda Aceh's former hubs for fresh food and employment, Penayong Market. The project will directly benefit over 1,400 fishermen, meat producers, vendors and construction laborers -- many of whom are now internally displaced persons -- so that they can regain a regular source of income and place of employment. Moreover, the market's return will provide approximately 75,000 market service providers, suppliers and customers throughout the region with gainful activities and access to basic necessities. More than 10,000 American International Group, Inc. (AIG) employees worldwide have contributed $2 million to the fund in response to the earthquake and tsunamis.

Six months have elapsed since the devastating earthquake and tsunamis tore apart huge swaths of South and Southeast Asia, robbing people of not only their homes and loved ones, but also of their jobs and hope for the future. While many of these disaster victims are seeing their immediate shelter and food needs met, now is the time for public-private partnerships that will enable them to rebuild their homes, schools, clinics, markets and community centers, so that they can regain their livelihoods, as well.

"We are very pleased to be joining with AIG employees through their Disaster Relief Fund in the essential work of economic and market revitalization in Aceh Province," said CHF International's Senior Vice President, Judith Hermanson. "AIG employees around the world understand the importance of mitigating risk for communities in post-disaster settings, and we believe our combined efforts will go a long way towards empowering countless individuals and communities to return to normalcy."

Aceh is a community of traders, but the earthquake and tsunami are believed to have destroyed approximately 85 percent of its businesses. As a result, economic activity has halted to imperceptible levels in many areas. CHF's efforts, funded in this case by the generosity of AIG employees, will promote economic revitalization, self-sufficiency and a promising future for the people of Aceh.

AIG's President and Chief Executive Officer Martin J. Sullivan noted, "The efforts and contributions of AIG employees towards tsunami relief are a source of pride for a company with a culture of helping people and communities cope with disaster, and the earthquake and tsunami are not the first instance of the generosity and resourcefulness of our employees. CHF provided a good opportunity for the AIG Disaster Relief Fund to assist in the hard work of economic revitalization following the devastation of the tsunamis in Southeast Asia."

Founded in 1952, CHF International is a non-profit development organization that serves as a catalyst for long-lasting positive change in low- and moderate-income communities around the world, helping families improve their economic circumstances, environment and infrastructure. The organization provides technical expertise and leadership in international development, including critical emergency management following disasters and civil conflict. CHF International has worked in over 100 countries worldwide since its inception.

More than 10,000 AIG employees worldwide have individually donated in excess of $2 million to The AIG Disaster Relief Fund following the earthquake and tsunamis in Southeast Asia. The AIG Disaster Relief Fund, established in September 2001 following the terrorist attacks in the United States, has also provided funds for relief efforts in Vietnam following a tragic fire in Ho Chi Minh City in 2002.

American International Group, Inc. (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed in the U.S. on the New York Stock Exchange and ArcaEx, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.