Lloyd's hosted Liam Fox, the UK’s Secretary of State for International Trade, at its underwriting platform in Singapore, to show how it has developed into Lloyd's largest operation outside London providing tailored risk solutions across the Asia Pacific region.
Fox and Scott Wightman, the British High Commissioner to Singapore, met Kent Chaplin, CEO of Lloyd’s Asia Pacific, where they discussed the Lloyd’s growth story in Asia and how the British government and Lloyd’s can work together in the future.
Key discussion points were further enhancement of trade in the region, how to reduce underinsurance and how to pioneer the development of the cyber insurance market in the region to mitigate against emerging cyber threats.
This visit comes as part of Fox’s three-day visit to the city-state to meet with Singapore and British businesses, underlining Britain’s openness and commitment to free trade.
Launched in 1999, the Lloyd’s Asia platform in Singapore is the gateway to the Asia Pacific for Lloyd’s. Its premium income has tripled since 2009 to reach US$618 million in 2015. Lloyd’s is the largest provider of off-shore reinsurance premium income in Singapore.
