Overseas offices high on the agenda for Lloyd’s

Lloyd’s’ 2014-16 strategy revealed a heavy focus on expanding the insurer’s footprint in international markets.

Plans include securing necessary legislation changes to enable trading licences to be granted in Turkey and Indonesia and feasibility studies for insurance licence opportunities in Brazil and a Lloyd’s presence in Indonesia, Malaysia and South Korea.

The strategy also outlined the importance of opening a branch office in Beijing and looking to secure a regional reinsurance office in Latin America. Plans for the Dubai office were also a key action point.

“The shifting balance of global economic activity over the coming decades is one of the most significant changes – and opportunities – to which the market must respond,” said Lloyd’s CEO, Inga Beale.

The strategy will also focus on assisting brokers to build and develop relationships in developing markets, which will include providing information and assistance on the regulatory and related requirements.

“The increase in premium income in the largest ten developed economies will track or slightly exceed increases in non-life premium,” says Lloyd’s. “In the largest ten developing economies, at times, we would expect growth to exceed non-life premium as the specialist risk sector develops and insurance penetration increases.

“In the short term, it is likely that these markets will continue to present the most profitable opportunities.”