AIG's E-Business Risk Insurance Solutions
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Case Code: INS053 Case Length: 18 Pages Period: 1998 - 2004 Pub Date: 2005 Teaching Note: Available |
Price: Rs.500 Organization: AIG Insurance Industry: Insurance, Financial Services Countries: United States Themes: New Product Development, Market Segmentation |
Abstract Case Intro 1 Case Intro 2 Excerpts
Background Note
AIG traces its origins back to 1919 when Cornelius Vander Starr (Starr), an American entrepreneur, opened a small insurance agency called American Asiatic Underwriters (AAU) in Shanghai, China. In its early years, AAU underwrote business for many American insurance companies in China and also offered fire and marine insurance.
In 1921, AAU started selling life insurance policies to the Chinese when it incorporated the Asia Life Insurance Company (Asia Life). By the late 1920s, Asia Life had opened offices and agencies in China, Hong Kong, Indochina, Jakarta, Kuala Lumpur and Philippines.
In 1926, AAU entered the US with the formation of American International Underwriters (AIU) in New York. AIU functioned as a general agent for US insurers and specialized in foreign risks incurred by American companies. In the 1930s, AIU entered the Latin American insurance market, which was then dominated by European insurers.
As a result of the war in Europe in 1940, European insurers were forced to stop operating in Latin America, and AIU soon became a major player in the market. The company's premium income from Latin American businesses soon surpassed the income from its Asian operations. To look after its growing activities in Latin America, AIU established a regional headquarters in Havana, Cuba.
Along with general insurance, Starr also expanded AAU's life insurance operations. In 1931, Asia Life entered Southeast Asia with the incorporation of the American International Assurance Company Limited (AIA) in Hong Kong. The company expanded to Malaysia, Singapore and Thailand...
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