Saturday, November 18, 2017

AIG raises capacity in the Philippines

AIG Philippines has increased its property insurance capacity portfolio in the country to US$2.5 billion from US$1.5 billion.

Mark Lwin, AIG Philippines president and CEO, told local media that the insurer has refocused its business and entire portfolio on commercial and business segments to target opportunities in the government’s infrastructure push.

Lwin said the Philippines lags behind its South-East Asian peers in terms of infrastructure spending although he expects the figures to get a boost with the Duterte administration’s infrastructure push.

He further stated that the planned US$2.5 billion property insurance capacity portfolio expansion will not be deployed immediately because AIG Philippines will still wait for the government’s plans to get off the ground.

AIG Philippines saw 45% growth in its bottom line in 2016, led by its commercial and business clients.

 

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