The Straits Times Singapore By Gabriel Chen Apr 9, 2010
European and US insurers are keen to expand their presence in Asia, seen as one of the world's fastest-growing financial services markets, thanks to rising household incomes on the back of strong economic growth.
AVIVA, the world's fifth largest insurance group, has re-entered the Asian general insurance market - five years after selling its non-life operations in the region.
Singapore will become its first regional market offering general insurance.
The company will sell car insurance here first directly to its customers online, before quickly increasing its portfolio of products to include home and travel insurance.
Mr Simon Machell, Aviva Asia Pacific chief executive, said at a briefing on Friday that Aviva will be the only insurer in Singapore to sell car insurance online.He believes this is the way to go as Singaporeans become more price sensitive and shop around for cheaper options.
'We know the cost of motoring continues to go up and we are launching this good deal to help consumers,' Mr Machell said.
Due to the cutting out of commissions and complex back office processes, its rates will be about seven per cent cheaper than its competitors on the average, he added.
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