Chartis, the property and casualty arm of American International Group, will keep expanding in China, one of the key growth markets, its chief executive officer said yesterday in Shanghai.

The New York-based insurer has prioritized eight markets, including China, to invest in.

"Chinese companies and individuals are showing growing demand for insurance protection along with a strong economic growth," said Peter D. Hancock, chief executive of Chartis and executive vice president of AIG. "China's low non-life insurance penetration and density pointed to many opportunities for foreign players like Chartis."

Chartis, employing more than 1,000 people in China, is the largest foreign property and casualty insurer in the country. The company has four branches with a new one to be opened soon in Jiangsu Province. It will open more branches and hire more staff to support its growth, he said.

China may allow foreign insurers to sell auto insurance products in the market, which is only open to domestic insurers now.

"When the China Insurance Regulatory Commission is ready to open the auto market to foreign insurers, Chartis will be ready to offer its products and services," Hancock, who was in Shanghai for the 23rd IBLAC meeting, said.

He also noted that as more Chinese companies go overseas, Chartis will leverage its global network to provide them with cross-border insurance protection.

Although natural disaster losses caused US$539 million in the second quarter for Chartis, Hancock said the insurer is well prepared for them and views them as opportunities to demonstrate its capacity and service to its customers.

AIG received US$182 billion from the United States government during the crisis. To date, AIG has paid back the New York Federal Reserve Bank. The US Treasury still owns 77 percent of AIG.

Source:shanghaidaily