AIG Australia is entering the personal lines market by aiming at the high net worth customer niche.

CEO Chris Townsend says the “private client” concept is already a well-established business in the US, with AIG offering “exemplary insurance coverage” and “concierge-level” claims service for prestige clients. A group to work in the niche has already been established, with AIG Australia offering cover in domestic property, home and contents.

“Over time the suite of products will be expanded,” Mr Townsend said. “Australia is a logical place to expand this business. The niche personal lines business is experiencing significant growth and we are excited about the opportunities that are out there.”