Insurance Australia Group (IAG) has planned to expand in India, as a part of its strategy to increase its footprint in the Asian region. According to AIG's CEO Mike Wilkins, the company has planned to achieve 10 percent of its total gross written premium from Asian region including India, in the next four years. He said, "The Asian opportunity is here and now."
IAG underwrites insurance premiums and has underwritten about 8 billion insurance premiums so far. It has 13000 people working for it in various countries.
To increase its presence in Asia, the Australian group has invested AUD 720 million in the region, in five Asian countries. It has successful businesses in Thailand and Malaysia. As a part of expansion process, it has entered markets in India, China and Vietnam.
In India, the Australian group has a joint venture with State Bank of India, by the name SBI General Insurance Company. In the joint venture, SBI owns 74 percent stake and IAG owns 26 percent.
Talking on the expansion plans in Asia, Mr. Wilkins said, "Over the past couple of years, we've quietly gone about our Asian strategy and are now getting real traction. We are entering an exciting phase of our Asian ambitions as we shift from a market entry focus to one of driving operational performance from our enlarged regional presence."