AIG is planning to offer an array of new policies in Philippines, in a bid to tap the growing demand for construction insurance products and services in the country.
The global insurer said that the growing size of construction sector in Philippines, which registered nearly 32.5% growth during the first quarter of 2013, is likely to present opportunities for construction related insurance services.
AIG construction global head Daniel Abramson was quoted by Philippine Daily Inquirer as saying, "The ongoing expansion of the Philippines economy and growth in large-scale construction projects presents AIG with opportunities to expand its construction insurance portfolio in the Philippines.
"We are committed to providing innovative ways to deal with evolving risks in this sector."
With an experienced underwriting team and 38 engineers focused on Asia Pacific and the Philippines, AIG is capable of supporting the insurance requirements of owners and contractors in the infrastructure sector.