Developing new opportunities in India

The high profile visit to Mumbai on 6-8 February is also designed to promote the Lloyd's market in India, help the Indian insurance market understand how they can access Lloyd's, and foster relationships with the local industry so that Lloyd's can take advantage of new opportunities emerging in the region. 

"With India expected to become a dominant economic force in the coming decades, now is the time to develop a deeper relationship with the Indian market and explain how Lloyd's is uniquely placed to meet its specialist insurance needs,” says Ribeiro. 

“It's an exciting time, and the work we do now will ensure that Lloyd's is able to make the most of new opportunities in India in the coming years."

India is an important and growing reinsurance market for Lloyd's, even though foreign reinsurers can currently only write Indian reinsurance business on a cross-border basis. In just the three year period from 2007 to 2010, Lloyd's gross written premiums in India grew by almost 150%, from $73 million $182 million. 

The top classes Lloyd's writes in India are offshore energy, property catastrophe, terrorism, cargo and aviation xl risks. As the economy expands, the opportunities and appetite for new specialist areas have been growing. 

Over the last few years, the Lloyd's market has been working with the Indian insurance regulator, the IRDA, to find ways for Lloyd's unique structure to be accounted for in anticipation of changes that could allow more foreign involvement in the Indian market.

Lloyd's has lobbied extensively with the international (re)insurance community for a bill to allow entry of foreign reinsurers in India via branches, but those proposals have yet to be passed.

Though India is an emerging market for Lloyd's locally, the Lloyd's market already has several hundred years of business history with the country – dating back to the 1700s when the market insured lucrative maritime trade. By 1812, Lloyd's agents were on the ground in India, facilitating communications between Indian merchants and English companies, and arbitrating in insurance disputes.

Lloyd's will mark the next chapter of its history with the Indian insurance market at an inaugural seminar on 7 February at the Taj Mahal Palace in Mumbai, where the local market will meet and network with the Lloyd's market.

Take a look at the inaugural seminar programme – to which more than 200 local market participants are expected – for a taster of key areas Lloyd’s will be addressing throughout the visit.