The world‘s leading market for specialist re/insurance will launch its reinsurance operations in India by early next year, Lloyd’s of London chairman John Nelson has announced.
Nelson made the statement after India’s insurance regulator released a circular that allows Lloyd’s to set up shop there, according to an online report by Indian business newspaper Mint.
“We would like to start by beginning of next year,” the report quoted Nelson as saying.
Last March, India’s Insurance Regulatory and Development Authority allowed Lloyd’s to operate in the country through its market model.
According to the Mint
report, Lloyd’s will not go aggressive on syndicates and it will only have a few as the operations in India commence.
“There are none at the moment. We don’t want a flood of syndicates. We will have a small number of syndicates in the first year,” Nelson was quoted as saying in the report.
Nelson said Lloyd’s wants its business in India to perform better than the country’s economy.
“In a developing world, we are clearly looking to grow above the [gross domestic product] rate,” he told Mint
Nelson also said in a statement last April that Lloyd’s can bring “unique benefits” to India.
“We believe a Lloyd’s presence will contribute to the development of a more diverse reinsurance market, which is fundamental to the stability and future growth of the Indian economy,” he said.
“Lloyd’s will also help to position India as a centre for insurance, reinsurance and associated services,” Nelson added.
Lloyd’s seeks operations in Tanzania amid looming energy boom
India launches state health insurance scheme
India’s insurance giant to hire 200,000 new sales people