Global giant AIG is set to expand its presence in China, with investment in a series of new businesses.
Speaking in Shanghai, AIG chairman Hank Greenberg, said AIG had licences pending to set up several new operations, selling general insurance products in the country.
Greenberg said yesterday premium growth would "probably exceed 40% this year" in China, on top of an estimated increase of 20% to 25% in 2002.
He has also indicated that property and casualty rates are likely to continue to increase for some time.
Greenberg said AIG had been seeing rate increases of 40% to 60% in many commercial lines. He added that directors' & officers' insurance rates continued to increase.
