Lloyd’s to get 2nd syndicate in India
Published:April 23, 2017 5:09 am
Lloyd’s, world’s largest re-insurance market, is set to expand its India operations with another syndicate – Markel — joining its Indian platform soon. Amlin, one of the 97 syndicates of Lloyd’s launched its operations in India on April 1. For the time being, only two syndicates will be operating in the country.
Ada Lam, Underwriter, Markel International, Singapore, said that the syndicate is seriously reviewing the opportunity of expanding its footprint in India in particular, by being part of the newly launched Lloyds platform and would focus in liability insurance.
“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 Lloyds Platform that was recently opened in Mumbai,’’ Lam said.
“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.
According to Lam, though the general liability risks scenario for India is viewed as low, this can be deceiving if applied across all of liability exposures as certain exposures at a primary level such as Directors & Officers Liability (D&O)/Employment Practice Liability (EPL) in the USA that can cause a multitude of problems.
“With changes in regulations made recently and further ones to be made, we anticipate 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.
“Lloyd’s will help to strengthen and diversify the Indian reinsurance market, increasing the capacity, products and choice available to Indian insurers. This will, in turn, help to create a more vibrant insurance market and increase the level of protection across the Indian economy,” said John Nelson, Chairman of Lloyd’s.
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