Lockton appoints JLT exec as China CEO

Lockton Asia has appointed Alex Yip as chief executive officer for Greater China.

Yip is based in Hong Kong and will lead the Hong Kong and China teams. He has more than 29 years of experience in the Asian insurance industry, and will have a particular focus on business development and strategic planning for the Greater China market.

Prior to joining Lockton, he was chairman and general manager of JLT China, running offices in Beijing, Shanghai and Guangzhou with more than 90 staff members.

Yip said: “The China insurance market developed at an incredible pace over the last two decades. There are already more than 100 insurers covering the life and non-life segments, and approximately 1,000 intermediaries, such as brokers, agents and loss adjusters, operating in the country.  With a vast amount of insurance capital, as well as underwriting capacity, flowing into the market, competition is increasing and premium pricing rates are dropping.

“Short term trends are hard to pick. Although there is a feeling that the market will soften, the size, scale, and increasing regulatory oversight of the Chinese insurance industry means there will always be opportunities for quality operators. New product lines and coverage policies, being offered by international insurers are increasingly attracting the attention of the country’s insurance buyers who are becoming more and more risk and insurance minded.”

He noted that an important high-growth market for Lockton Companies, both internationally and in China, would be providing coverage and advice to the increasing number of Chinese companies developing business abroad.

“We are seeing an increase in the demand for insurance products and advice from Chinese businesses working overseas—from wider Asia to the Middle East, Africa, Latin America, and the United States. Undoubtedly, risk management is of increasing concern, especially as these companies are facing a new range of commercial, environmental, and regulatory risks,” he said.