Lloyd's Delegation Visiting Mumbai
India is a growing reinsurance market for Lloyd’s. The top classes it writes there are offshore energy, property catastrophe, terrorism, cargo, and aviation excess of loss risks.
Gross written premiums by Lloyd's in India grew by almost 150 percent from 2007 to 2010, to $182 million, and a delegation of managing agents and Lloyd's brokers headed by Jose Ribeiro, director of International Markets, is visiting Mumbai this week to see how Lloyd's market can increase its activity there.
"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," Ribeiro said a Lloyd's release. "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."
The top classes Lloyd's writes in India are offshore energy, property catastrophe, terrorism, cargo and aviation excess of loss (xl) risks. Lloyd’s has been working with the Indian insurance regulator, the IRDA, to find ways for its unique structure to be accounted for in anticipation of changes that allow more foreign involvement in the Indian market, possibly by establishing branches. But proposals to accomplish that have not yet passed.