AVIVA, the world’s fifth largest insurance group, has re-entered the Asian general insurance market – five years after it left.
Back then, Aviva sold its general insurance business in Asia to Mitsui Sumitomo Insurance. The arm that was sold was renamed MSIG and there was a clause for Aviva not to compete in the general insurance market for five years.
The clause has ended and Aviva has decided to re-enter the general insurance market. Their preferred mode of distribution will be to allow clients to buy directly online.
Aviva has claimed its rates will be about seven per cent cheaper than its competitors on the average due to the cutting out of commissions and complex back office processes,