Lloyd’s, global specialist insurance and reinsurance player, commenced operations in India on Wednesday with MS Amlin as the first syndicate to join the branch and begin underwriting, effective from April 1.
John Nelson, Chairman, Lloyd's in an interview to CNBC-TV18 said foreign reinsurance players in India currently do not have a level playing field but they are in talks with the Indian government and IRDA to seek it.
“The current reinsurance preference order is against the idea of level playing field,” he said.
He said the company will focus on specialist areas like B2B and Catastrophe Risks. They also aim to provide the ability to the Indian insurers to write new specialist forms of risks, he added.
When asked, which are the three biggest opportunities that they see in Indian market he said they could be agriculture, infrastructure and other construction segments. However, they see growth for them coming from specialist risk markets like cyber and supply chain risks, he said.
He is also confident that over long-term the company’s growth would outpace that of India’s GDP growth.
Lloyd’s India will act as a domestic reinsurance branch of Lloyd’s, providing capacity and expertise to support.
India’s growing economy. It will particularly focus on infrastructure, agriculture and disaster management. Shankar Garigiparthy will lead Lloyd's India operations as Country Manager and Chief Executive Officer
Watch accompanying video for more details.
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