Insurance Regulatory and Development Authority has approved London headquartered specialist insurance and reinsurance market Lloyd’s application to provide onshore reinsurance services in India.

Lloyd’s, which secured R1 approval from IRDA, plans to set up a branch in India next year.

John Nelson, Chairman, Lloyd’s said it can bring unique benefits to India by providing both protection and new opportunities for many domestic insurance businesses.

“I believe that our presence will contribute to the development of a more diverse reinsurance market, which is fundamental to the stability and future growth of the Indian economy. This can help position India as a centre for insurance, reinsurance and associated services,” said Nelson who is in Delhi as part of the United Kingdom Prime Ministerial trade delegation.

The progress India is making in reforming reinsurance markets is encouraging and will bring lasting benefits to the Indian economy. A level playing field for all re-insurers will mean that domestic market can thrive and become a hub for innovative new products that meet the need of businesses, he said.

Lloyd’s filed application with IRDA in March for setting up a reinsurance branch in Mumbai. It appointed Shankar Garigiparthy as Country Manager for India in April. In 2011, Shankar joined Arun Agarwal as Lloyd’s General Representative in India.

Lloyd’s believes its market structure will bring additional underwriting expertise and capacity to the local market and working with brokers and clients to craft policies that meet specific needs and fill gaps in the market.

Lloyd's is often the first to insure new, unusual and complex risks, providing innovative insurance solutions for local, cross border and global risks. Its strength lies in the diversity and expertise of the brokers and managing agents working at Lloyd’s, supported by capital from across the world.

Related Topics
comment COMMENT NOW