AIG news rocks insurance sector - papers 5 January

YESTERDAY'S news that American International, the world's largest insurer, was taking a $1.8bn surprise charge to boost its reserves has hammered UK insurers, The Daily Telegraph says. The trouble has been compounded by the fact AIG is considered one of the "most prudent" listed US companies, but even that has not managed to stop its shares losing half their value in the past two years. UK STOCKS are likely to plunge again today The Times says, because of a new Confederation of British Industry report that forecasts another 42,000 job losses in the first quarter this year. ...