AIG Targets China Drivers in $50 Billion Insurance Market
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Soon-to-be-relaxed rules in China have firms including American International Group Inc. and Allianz SE eager to grab a bigger share of the $50 billion that the country’s drivers spend each year on auto insurance.
Both insurers are making plans to offer more products as China lifts a ban on foreign companies selling mandatory policies for drivers. On a recent two-week trip, Kevin Goulding, the Shanghai-based head of Chartis China, AIG’s property-casualty business in the country, scouted four municipalities and provinces with a combined population of 500 million, as he weighs where to open the company’s next branch and lays plans to sell car coverage for the first time.