News last week that IAG is looking at Asian acquisitions as part of its growth strategy is nothing new, according to the giant insurance group.

An IAG spokesman told Sunrise Exchange News the company has publicised the fact that it’s interested in the Asian insurance market, and the speculative news generated by the mainstream media is just a case of “same story, different day”.

“There’s really nothing new to speak off,” the spokesman said. “We’ve been openly talking about this for the past 18 months or so.”

The insurer already has an office in Singapore for its South-east Asian operations, and has more than 200 staff in China.

Most of the top five local insurers have identified their interest in expanding their foreign operations over the past couple of years since the industry returned to profitability.

JP Morgan insurance analyst Shane Fitzgerald agrees the news that IAG is seeking Asian opportunities has been around for a while, and such a move “is logical for the insurer”.

“In the long term, Asia presents a very attractive proposition for Australian insurers,” he said. “The size of the country in terms of population has some real benefits for local insurers.”

Mr Fitzgerald says what needs to be asked is the size of the investment IAG is willing to make. He says investors may not be too keen for the company to make large investments in Asia “because of associated risks”.