It might be on the nose with intermediaries, the public and regulators, but AIG can still bring home the accolades. Subsidiary American International Underwriters (AIU), of which AIG’s Australian and NZ operations are a part, has been named the “best insurer in the world” by Euromoney magazine.

The influential magazine’s annual insurance survey of direct buyers of insurance at major companies in 59 countries says the results prove the importance of the insurance industry differentiating itself from the banking sector.

AIU was ranked first in product range, innovation, price and claims resolution. Allianz was ranked second overall, followed by Zurich, Ace and Generali.

Aon was judged the best broker in front of Marsh, Willis and Jardine Lloyd Thompson.

AIG Australia CEO Chris Townsend told insuranceNEWS.com.au the recognition is timely, as AIU Holdings becomes an entity distinct and separate from AIG.

“This is gratifying reinforcement of the strong relationships and reputation for excellence we have built over more than five decades in the Australian market and almost four decades in the NZ market.

“During the recent challenges faced by our parent company, broker and client confidence has been reflected in the levels of business we continue to write throughout Australasia,” he said.