Lloyd’s, the world’s specialist insurance and reinsurance market, intends to apply for a reinsurance branch based in Mumbai following the Insurance Regulatory and Development Authority of India’s (IRDAI) publication of the regulations governing the Lloyd’s market earlier this week.
Lloyd’s has a century-long relationship with India as a provider of offshore reinsurance. An onshore branch will provide Indian reinsurance brokers with local access to Lloyd’s underwriting expertise as well as reinsurance solutions for complex and specialist risks, including agriculture, infrastructure and disaster management.
John Nelson, chairman of Lloyd’s, said: “As an international insurance and reinsurance market, 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.
“Lloyd’s will also help to position India as a centre for insurance, reinsurance and associated services."
He added: “Whilst there are elements in the published regulations which may impact the ability of our market to perform to its full potential in India, we are nonetheless pleased that the regulatory framework has now been published, enabling us to submit an application for a reinsurance branch.”
Nelson also said that Lloyd’s is looking forward to continuing its close dialogue with IRDAI throughout this process and into the future to ensure the framework evolves to meet the needs of a modern, international insurance sector, which he said will be essential in supporting the continued sustainable growth of India’s economy.
Vincent Vandendael, Lloyd’s director of global markets added: “We have a long history of supporting India and we look forward to this new phase in our relationship. Lloyd’s underwriters will work closely with brokers and clients to craft policies that meet specific needs and gaps in the market.
“We look forward to helping to create a world-class insurance and reinsurance market in India as we have done elsewhere in the world.”
Lloyd’s recently announced the appointment of Shankar Garigiparthy as its new country manager for India, commencing 1 April 2016. Garigiparthy brings over 23 years’ experience to the role, most recently leading regulatory relationships for Lloyd’s in Singapore and across South East Asia. Arun Agarwal, general representative for Lloyd’s in India since 2011, continues in his role and will support Garigiparthy as well as providing guidance and counsel to Lloyd’s.
Lloyd's, IRDAI, Insurance, Reinsurance, John Nelson, Vincent Vandendael, London, UK, India, Asia-Pacific