Insurance companies in the UK are urging the government to help them enter foreign markets, particularly in Asia.
The Association of British Insurers (ABI) told the Telegraph
that the UK government could help to reduce barriers such as collateral requirements and red tape around moving workers in Asian countries.
According to the industry body, its members are keen to expand in Hong Kong, Indonesia, Japan, Malaysia, Singapore and South Korea.
However, the ABI said China and India should be priority places to open up links for the industry.
“Securing sizable and sustainable improvements in the ease of doing business in China and India will take time and commitment, but it will be worth it,” ABI director general Huw Evans was quoted as saying in the Telegraph
The report noted that insurers’ plans to expand into foreign markets are part of efforts to promote global trade following the UK’s vote to leave the European Union.
“With protectionist forces growing in strength across the world, the insurance industry can become a leading example of how free trade can benefit everyone,” Evans told the Telegraph
“The UK is seen as a world leader, and can help many emerging and developed countries which exhibit significant under-insurance.”
The ABI made the call to the government two weeks after India’s insurance regulator allowed Lloyd’s of London to provide reinsurance services in the Asian country.
With the approval, Lloyd’s can now set up a branch in India by 2017.
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