circling

American International Group ,the world's largest insurer, reporting its largest-ever loss and said Friday the subprime crisis had thrown it into "uncharted waters" . AIG recorded a record loss of $5.3 billion Thursday from a $11.12 billion write down in its AIG Financial Products unit.

AIG has not ruled out further write-downs and losses in this portfolio, which is akin to an insurance policy on other companies' derivatives.

Its shares fell 6.5 percent and led other insurers lower. The KBW Insurance Index .KIX was down about 2 percent, with AIG the biggest drag.

"We are in uncharted waters," Chief Executive Martin Sullivan said on a conference call on Friday  the day after announcing record losses..

Meanwhile analysts believe increased consumer spending recorded  in January simply reflects  US consumers  paying more for food , energy and oil as the economy slows down.

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