Premiums growing faster than economy in emerging Asia
CEO Inga Beale stated that the insurer will capitalise on the growth in emerging Asia to boost growth of Lloyd’s specialist insurance business.
Beale, who was in Singapore for the SIRC conference, added that the growth potential in China, India and the Asean region exists because of the very low base insurance coverage in these countries.
While demand for insuring against risks to construction projects and other infrastructure has increased in the region, Beale revealed that demand against cyber and reputation risk as well as against aviation and terrorism risks are expected to rise.
Emerging markets accounted for nearly 50% of the world’s commercial insurance growth in the last three years and Lloyd’s wants to capture a substantial chunk of the market.
Last year, Lloyd’s only captured about 0.5% of the growth from its London headquarters
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