The specialist Lloyd’s of London insurance and reinsurance marketplace has received final approval from the Insurance Regulatory Development Authority of India (IRDAI) to establish a regional branch, and the market has said that it will open its new, Indian office in time for the April 2017 reinsurance renewals.
After receiving R3 approval from the IRDAI, the final regulatory hurdle in its quest to establish an Indian branch, the Lloyd’s of London marketplace joins a number of foreign reinsurance companies that are set to begin operations in India in the coming months.
“This is a watershed moment in Lloyd’s international strategy. We have now cemented our access to the world’s largest, fast-growth economies, those most in need of the specialist insurance to protect their expanding asset base.
“Lloyd’s will bring expertise and specialist capacity to India’s insurance market and work in partnership with local insurance businesses to develop innovative solutions that meet the unique needs of the growing economy,” said Lloyd’s Chairman, John Nelson.
The specialist insurance and reinsurance market will open its new office in time for the April reinsurance renewals season, Lloyd’s has announced.
“Lloyd’s will help to share and develop expertise across the industry to position India as an international centre for insurance and reinsurance. A strong and diverse reinsurance market will de-risk the economy and enable its entrepreneurs and businesses to take risks and thrive.
“A local presence in India will bring Lloyd’s closer to clients and risks enhancing understanding and the ability to develop new solutions for the needs of the Indian market with a particular focus on agriculture, infrastructure and disaster management,” concludes Nelson.