Aviva re-enters Asian general insurance market

9th Apr 2010 11:47

Aviva has re-entered the Asian general insurance market, five years after the insurance firm moved out of the region, by launching services in Singapore. Singapore will be used as a starting point and the group intends to roll out the business in other "key markets" in Asia. Starting with direct online car insurance, Aviva will gradually increase its portfolio of products to include home and travel insurance."Our entry into Singapore marks the first step in our plan to penetrate the rapidly expanding general insurance market in Asia," said Simon Machell, chief executive of Aviva Asia Pacific. "The rising affluence of Asian consumers has led to an increasing need to insure their growing assets. Our online model enables us to pass on significant cost savings along with greater convenience and flexibility," he added.The move comes five years after the group left Asia following the sale of its non-life operations in 2005 to Japan's Mitsui Sumitomo Insurance for $450m.