AIG Licensed to Set up Non-Life Insurance Co. in Vietnam
American International Underwriters Overseas Ltd., under the American International Group Inc. (AIG), has received a license from the Vietnamese Government to set up a non-life insurance company in the country.
This will be the first US firm allowed to provide non-life insurance products in Vietnam.
Accordingly, AIG Vietnam General Insurance (AIG Vietnam) will be established with its headquarters in Hanoi and a branch in Ho Chi Minh City.
AIG Vietnam will start its operations at the beginning of 2007, providing competitive and comprehensive solutions to help Vietnamese individuals and businesses, especially exporters, strengthen their competitive edges in the world market.
AIG will focus on policies such as product liability, marine cargo and claims services, petroleum, infrastructure and energy.
Vietnam at present houses 16 non-life insurance firms. The local non-life market last year saw a stable growth of 15.1 per cent with total premium revenue of VND5.5 trillion (US$348 million).
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