Markel is set to become the second syndicate to join Lloyd’s India operations, after the specialist insurance and reinsurance market kicked off its India market expansion in April with MS Amlin as the first syndicate to join its newly launched domestic India reinsurance branch, the India Express has reported.
Markel International Underwriter, Ada Lam, in Singapore, said the firm hoped to expand its India operations with liability insurance offers as part of Lloyd’s new platform: “India’s growing economy will result in the need to purchase product liability and we are looking to take advantage of our new position on the Lloyd’s Platform that was recently opened in Mumbai.”
“We receive enquiries on a daily basis from India across all the liability lines we write. Cyber has been highlighted by the authorities in India as a product that should be purchased, especially in the financial sector.
“We are keen to support this as long as we fully understand the risks involved and have the appetite for that particular sector,” she said.
Although generally liability risks for India is viewed as low, the Markel underwriter warned that applying this risk rating to the whole spectrum of liability exposures could be problematic, naming Directors & Officers Liability (D&O)/Employment Practice Liability (EPL) in the USA as an example.
She commented that with expected upcoming changes to regulations, Markel anticipates “focusing on niche classes where our capacity will be appreciated more. Trade credit along with product liability will eventually offer this we believe.
“I believe that the more expansive the manufacturing sector becomes in India, the more awareness there is on the insurance products. We see a great opportunity for us to help educate and develop our book of business in India,” she said.