Richard Ward in China

Following the award of the Direct Licence in May 2010, the meeting provided the opportunity for Dr Ward to update the regulator on Lloyd's progress in China. This includes the implementation of a new IT system, developing business processes and overseeing the refurbishment of the Shanghai office. Talks also focused around Lloyd’s commitment to supporting the development of a financial and maritime hub in Shanghai by 2020.

Speaking after the meeting, Dr Ward said: "Lloyd's continues to prepare to write direct business in China. We are working hard to ensure that the infrastructure, controls and personnel of Lloyd’s China meet the CIRC's regulatory obligations. We also look forward to supporting the development of Shanghai as a major international financial and maritime centre.”

Dr Ward was also in Beijing to attend the Geneva Association (GA) board meeting, the first ever to be held in an Asian country. The association, an international think tank for insurance and risk management issues, has committed to stepping up cooperation with the Chinese insurance sector.

During the meeting, Dr Ward met with Chinese Vice Premier Wang Qishan who praised the positive role of the GA in promoting reform of the international insurance industry. China is currently the sixth largest insurance market in the world and the second largest in the region. Some commentators have suggested that China’s insurance market is poised to overtake the US, possibly as early as 2020. 

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