Europe’s debt crisis has not daunted Chartis, a division of AIG that operates in the property and casualty insurance market. The company continues to seek opportunities for growth despite the economic turmoil currently faced by a number of nations in the region. While lucrative opportunities seem to be in abundance, the insurer is taking a “quality over quantity” approach. CEO Peter Hancock notes that this strategy will help the insurer protect itself from industry hype in markets that may be more volatile in the future than they are today.
In late 2009, an economic crisis befell much of Europe which manifested most heavily around Greece. The nation, as well as many others throughout Europe, saw the collapse of their banking systems, which led to widespread credit default and spawn financial ruin for both governments and citizens. The crisis is still in full-swing, but nations have begun recovering. Chartis sees opportunity in the recovery, especially as more people look to foreign insurance companies to meet their needs.
Chartis has also joined the growing number of insurance companies that have been looking to Latin America for growth opportunities. The industry has been abuzz lately regarding the potential for growth in the region, noting the number of developing countries and favorable political climate in nations like Brazil. While some insurers may pursue these opportunities with some zeal, Chartis will take a conservative approach by offering high quality products rather than a breadth of low-quality products that might be attractive to a great many consumers.