June 10, 2016 3:02:02 am
Lloyd’s of London chairman John Nelson on Thursday said the 325-year old insurance giant can help support the expansion of insurance penetration in India and limit the economic impacts of catastrophes and other major events that can hamper the growth of the insurance industry and the economy in general.
The world’s largest insurance platform is gearing up to start its India operations in Mumbai by early 2017. Lloyd’s has already applied for a license to insurance regulator IRDA to operate in India and currently underwrites Indian business on an off-shore basis.
“We will start our India operation with just couple of syndicates and would scale up gradually. We would target 8-10 per cent growth in Indian markets,’’ Nelson said. Currently Lloyd’s underwrites around $175-200 million of business in different segments like marine, liability, property, aviation and energy.
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The rapid growth of the economy and increased urbanization is concentrating risks into major cities and to ensure the underinsurance gap does not widen further, insurance penetration needs to exceed economic growth rates, he said. “Lloyd’s can play a vital role in closing the protection gap, removing the burden from the government and taxpayer and helping safeguard economic prosperity,” he said.
“Lloyd’s will help to safeguard the economy in the wake of disasters and inject greater expertise and innovation to the Indian market. Lloyd’s will provide opportunities via investment,” Nelson said.
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