AIG sets aside US$2.5 billion for key market

Local arm of international giant earmarks US$2.5 billion for key insurance market

AIG sets aside US$2.5 billion for key market

Insurance News

By Jordan Lynn

AIG Philippines has earmarked US$2.5 billion for property insurance in 2017 in anticipation of a major infrastructure roll-out in the country.

Philippine president, Rodrigo Duterte, plans to spend US$180 billion on an infrastructure programme for the country that will include upgrades for highways, bridges, ports, train lines and airports.

“With the infrastructure boom expected in the Philippines, that amount of capacity or new capability meets the needs of the Philippine market. So, that’s the kind of traditional insurance line where our competency is at work,” AIG Philippines President and CEO Mark Lwin told the BusinessMirror.

Lwin said that the major insurer will look to enhance its property and casualty offering in the country over the coming year as it looks to more customised risks.

AIG is currently reviewing its investment portfolio in the country as it looks to increase offers for public-private projects (PPP), the publication reported.

Lwin noted that the firm is open to investment in other securities and Philippine stocks.

“As an insurance company, we have not yet directly invested in PPP securities, but it’s something we’re definitely looking at and are very interested to see where the PPP market will go in the future,” Lwin continued.

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