Lloyd’s starts talks on India entry

Lloyd’s of London has begun talks to enter India following the passage of the Insurance Laws (Amendment) Bill, 2015, in Parliament.

“We are waiting for the detailed norms from the IRDA to seek regulatory approval for our Indian venture. We have already begun talking to IRDA explaining them our unique characteristics as an insurance market,’’ Lloyd’s chairman John Nelson said.

Through its offshore operations, Lloyd’s has underwritten gross premiums of $ 182.7 million in Indian markets during 2014.

On whether India is a profitable market, Nelson said, “we don’t evaluate the Indian market that way. It doesn’t make any difference.’’