Lloyd?s, world?s leading insurance market providing specialist insurance services to businesses in over 200 countries and territories, has big plans for the Indian market.
Speaking to FE Shrirang V Samant, newly-appointed general representative, Lloyd?s, India, said that the company?s long-term plan is to set up an insurance exchange in the country through syndicates which would provide services like its operations in London insurance market. After setting up some syndicates, any Indian institutional customer can buy a cover from Indian Lloyd?s market through a broker.
?In 2006-07 Lloyd?s had underwritten 94 pounds of premium from the Indian market. Now, we have big plans to provide sophisticated specialised services which will have international benchmarking in India,? said Samant.
However, Samant said that in the first phase Lloyd?s is making efforts to get a branch license along with other international reinsurers after the government allows such move.
?Our structure is different than that of other international reinsurers. We are only present in Singapore and China through different models,? he said.
In 2007, there are 66 syndicates which are underwriting insurance at Lloyd?s.