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Lloyd's looks to expand in underinsured parts of Asia

  • Publish Date: Posted over 7 years ago

Lloyd's is establishing a new office in India and Malaysia next year, as it looks to widen its footprint in emerging Asia. With insurance penetration still low in the region, emerging Asia provides a source of growth when a slow recovery in Europe and the U.K.'s exit from the European Union means uncertainty a home. Lloyd's Chairman John Nelson said, "We hope to start [the onshore operation] in India at the beginning of next year. The Indian insurance market does not provide a cover or a facility that their businesses need. Domestic insurers need much bigger reinsurance quotes both in terms of scale and in terms of the nature of risk, the new risk being created by the growth of Indian economy. They need more support." The Indian government's change in legislation opened the door to domestic companies from Lloyd's. Earlier in the year, Lloyd's revealed that it had applied for a reinsurance branch in Mumbai, following the Indian authority's publication of the regulations governing the Lloyd's market.