Lloyd's of London which has earned USD 240 million from the Indian markets in 2017, is eyeing USD 10 million premiums within one year from its newly set up branch operation in India
Inga Beale, CEO, Lloyd of London, who is on a visit to India, said they are looking for a USD 10 million within one year from now from their Indian branch which became operational since April 1 last year,
Lloyd’s has mobilised a premium income to the tune of USD 240 million from its Indian operations during 2017, showing an increase of 11 per cent over 2016.
However world’s well known speciality insurer couldn’t make any significant earning from its Indian branch operations as most of the business came from Indian offshore markets.
Beale explained that by the time the reinsurer kickstarted its branch in India, most of the renewals in the domestic insurance sector had already been completed.
“We are looking at a USD 10million of premium from Indian branch within a year,’’ she said.
Lloyd’s has already appointed three people for its Indian branch located in Mumbai so far and would likely to appoint one more person within a week.Lloyd’s has already got two syndicates in India-MS Amlin and Markel- and is in talks with three four more syndicates those can be part of Lloyd’s branch operations in thecountry.
As of now, Lloyd’s has got 90 syndicates at its London operations.
Beale said Lloyd’s is currently focussing on segments like property, treaty, natural catastrophe, terrorism, political violence, energy and liability in India.
“In future, we want to work in the domestic market in areas like professional indemnity, D&O, liability and cyber,’’ she said.
Beale said that she was impressed by the 12-15% growth which had been witnessed by the Indian non-life insurance industry last year.
“Very few markets in the world have shown such a double-digit growth in the sector during the year,’’ added Beale..She further said that the crop insurance alone has shown 31% growth in the first half of the year which was a good thing.
She hoped Indian insurance sector to be further liberalized by the so as to bring in more and more foreign capital here. Beale also unveiled Global Skill & Knowledge Centre, set up by Global Insurance Brokers, owned by Prabodh Thaker.