British insurer Aviva Plc is all set to re-enter the general insurance market in Asia after a gap of five years, mainly to benefit from the rising affluence of consumers in the region.
The latest move comes in the backdrop of the insurer's rival, Prudential, announcing the acquisition of AIG's Asian business for more than $35 billion.
The UK insurance major today said it has re-entered Singapore's general insurance market.
"Our entry into Singapore marks the first step in our plan to penetrate the rapidly expanding general insurance market in Asia," Aviva Asia-Pacific Chief Executive Officer Simon Machell said in a statement.
"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," Machell added.
In 2005, Aviva had exited the general insurance business in Asia by selling its operations to Japan's Mitsui Sumitomo.
Currently, Aviva has a significant presence in the life insurance segment in different parts of Asia, including India, where it has a joint venture with Dabur India for life insurance.
