Lloyd’s of London, which has earned $240 million from Indian markets in 2017, is eyeing $10 million within one year from its newly launched branch operation in India.
Inga Beale, chief executive officer, Lloyd of London, who is on a visit to India, said: “We are looking at a $10-million of premium from Indian branch within a year.”
Lloyd’s has mobilised a premium income to the tune of $240 million from its Indian operations during 2017, showing an increase of 11 per cent over 2016.
However, the world’s leading speciality insurer couldn’t make any significant earning from Indian branch operations as most of the business came from offshore business.
Beale explained that by the time the reinsurer kickstarted its branch in India, most of the renewals in the domestic insurance sector had already been completed.
Lloyd’s has already got two syndicates in India — MS Amlin and Markel — and is in talks with three four more syndicates who can be part of Lloyd’s branch operations in the country.
As of now, Lloyd’s has got 90 syndicates at its London operations. Beale said Lloyd’s is currently focussing on segments like property, treaty, natural catastrophe, terrorism, political violence, energy and liability in India. “In future, we want to work in the domestic market in areas like professional indemnity, D&O, liability and cyber,’’ she said.
Beale said that she was impressed by the 12-15 per cent growth which had been witnessed by the Indian non-life insurance industry last year.
“Very few markets in the world have shown such a double-digit growth in the sector during the year,’’ Beale said.
She further said that the crop insurance alone has shown 31 per cent growth in the first half of the year which was a good thing. She hoped Indian insurance sector to be further liberalised so as to bring in more foreign capital here. Beale also unveiled Global Skill & Knowledge Centre, set up by Global Insurance Brokers, owned by Prabodh Thaker.