AIG will move regional functions to Shanghai

AMERICAN International Group will move some of its Asia-Pacific functions to Shanghai as the insurer views the Chinese mainland as a priority in the region.

Jose Hernandez, president and CEO of AIG Property Casualty Asia Pacific, said the company yesterday relocated its regional head for consumer insurance products to Shanghai to tap the consumer market after foreign insurers are allowed to sell compulsory auto insurance products in China for the first time.

"The opportunity to sell compulsory auto insurance in China will allow us to develop consumer relationship and gain sustainable profits," Hernandez said yesterday in Shanghai where AIG was founded.

"We will deploy more regional resources in Shanghai as the China market grows and the city gains higher financial status. It is possible that we may move more regional heads from Singapore to Shanghai over time."

He said AIG will invest further in AIG China to develop infrastructure and talents as the China market is the group's most important in the Asia-Pacific region.

John Carey, chairman of AIG China, said the insurer intends to open one new provincial or municipal office on the mainland annually.

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