Taj Mahal

India

About Lloyd's in India

The Lloyd’s market has a long history of doing business with India. Lloyd's underwriters are authorised to write reinsurance originating from India on a cross-border basis only. Main classes of business written include offshore energy, property cat, terrorism, cargo and aviation.

The Lloyd’s market has a long history of doing business with India and with the growth of the market and needs for reinsurance Lloyd's and its premiums have been showing consistent growth.

From the period 2008-2011 Lloyd’s gross written premiums grew from USD 142m to USD 199m. Main classes of business written include Offshore Energy, Property Cat, Terrorism, Cargo, and Aviation.

The expanding economy is increasing the number of new classes introduced to the non-life insurance market and developing demand for specialist products continue to create new insurance and reinsurance opportunities.

Licence

Lloyd's underwriters are authorised to write reinsurance originating from India on a cross-border basis only. Under the present licencing structure Lloyd's underwriters are not licenced to write insurance in or from India.

Exceptions:

Residents in India may remit funds for securing healthcare insurance with an overseas insurer

Risks situated in Special Economic Zones (SEZ)

Special approval by the Insurance Regulatory and Development Authority (IRDA)

The coverholder model is not currently recognised in India.

To find out more about placing business in India please contact us.

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