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Lloyd’s of London — the best known name in the insurance world — is expected to open a branch in India in the next 12-18 months, its Chairman John Nelson said.
Decade long efforts to enter the Indian market bore fruit the week before last when Parliament passed the historic Insurance Bill.
The India entry of Lloyd’s Market will assist the Indian economy and ensure greater insurance penetration in the country, Nelson told BusinessLine in a telephonic interview from London.
“Lloyd’s is delighted that it has great support from the Modi-led Government. We have smiles all over our faces here,” Nelson said, adding that discussions are on with insurance regulator IRDAI on the the modalities of Lloyd’s entry into India.
As on date, there is no clarity on where Lloyd’s branch will be established or how many syndicates will co-locate with it to India to begin with, Nelson said.
“There is significant level of interest (among syndicates) to enter India. However, it is too early to say how many will co-locate with Lloyd’s,” he said.
Currently, Lloyd’s Market includes 94 syndicates who underwrite insurance.
Nelson made it clear that Lloyd’s was not a company but an insurance market.
Lloyd’s of London is looking to expand its international presence, especially in emerging markets such as India.
Expansion into developing markets remains at the heart of Lloyd’s Vision 2025.
“Our effort will be to make available to domestic insurers (In India) our expertise (on reinsurance) onshore.
“The whole effort will be to complement the domestic insurers and not compete against them,” Nelson said
Lloyd’s started operations in Dubai and China this year. Twelve years ago, Lloyd’s had entered Singapore, which has now emerged as its biggest hub outside Britain. In its Singapore platform, Lloyd’s has as many as 22 syndicates.
2014 resultsMeanwhile, Lloyd’s reported a profit of £3.2 billion in 2014, unchanged over the previous year. Gross written premium slipped to £25.3 billion from £25.6 billion in the previous year.
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