American International Group and Allianz SE have confirmed their interest in the Chinese motor market, which will soon be open to foreign insurers.
According to Bloomberg, both insurers are making plans to offer more products as China lifts a ban on foreign companies selling mandatory policies for drivers in the country's $50bn insurance market.
The report said that, on a recent two-week trip, Kevin Goulding, the Shanghai-based head of Chartis China, AIG's property-casualty business in the country, scouted four municipalities and provinces with a combined population of 500 million, as he weighed up where to open the company's next branch and laid plans to sell car coverage for the first time.
"We're definitely looking forward to moving into the auto market in China," he said in a phone interview. "It's an extremely large market and will also allow us to offer other products to consumers."
See the full Bloomberg report.
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