Lloyd’s of London, the UK insurance market, has opened an Indian office and became the first foreign re-insurer to enter the Indian market as it opened a branch in Mumbai. They inaugurated its Mumbai office in the presence of UK chancellor Philip Hammond and Lloyd's Chairman John Nelson.
Lloyd’s has begun its operations in India with MS Amlin as the first Lloyd’s business to join the branch. Shankar Garigiparthy will lead Lloyd's India operations as Country Manager and Chief Executive Officer. Lloyd’s India will act as a domestic re-insurance branch of Lloyd’s of London. They will provide capability and skill to support India’s rising economy with a specific focus on infrastructure, agriculture and disaster management, Lloyd’s said in a statement.
Philip Hammond said that Lloyd's would help Indian insurance firms increment the versatility of the economy to cataclysmic occasions. "This would boost Britain's ties with one of the world's most exciting economies, underlining our status as a truly global trading nation," he added.
India’s reinsurance industry is worth about $2.8bn, according to facts from Lloyd’s. Lloyd's has got the final approval from the Insurance Regulatory Development Authority of India (IRDAI) to open a local office in November. The endorsement incited more outside companies, including Swiss Re, SCOR SE, Hannover Re and Munich Re, to successfully look for for an approval from the IRDAI.
"This is a true milestone in Lloyd's 328-year history. We have long hoped to be able to increase our support for the Indian market and now we are on the doorstep of our clients and trading partners in Mumbai and we look forward to working with them to develop the types of innovative risk solutions that Lloyd's is world famous for." said John Nelson, the chairman of Lloyd's.
The possibility of insurance and reinsurance is undoubtedly very good in India, which is not there in most parts of the world. Since the economy here is on the rise, the organizations are developing and so the quantity of risks taken by the businesses is also growing fast. Lloyd's will help to strengthen the Indian reinsurance market and increase the level of protection across the Indian economy.
April 13, 2017