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“Demand for specialist insurance & reinsurance is growing”, says Lloyd’s

Lloyd’s has reported a 28 % growth to $199 million from $142 million in its gross written premiums from India over the last three years

May 24, 2012 11:41 IST | India Infoline News Service
Besides underwriting ships trading with India and providing reinsurance covers for Indian companies, Lloyd’s is planning to open a branch in India as early as the Insurance Regulatory and Development Authority (IRDA) regulations permit.

According to media reports, the global specialist insurer has reported a 28 % growth to $199 million from $142 million in its gross written premiums from India over the last three years. However, it appears that the London-based company will have to wait for some time to get the IRDA approval to enter India.

According to Lloyd’s, the main classes of business written in India include offshore energy, property, terrorism, cargo and aviation. The company said that the demand for specialist insurance and reinsurance is growing and thereby creating more opportunities for old and new classes of business. The media reports pointed out that Lloyd aims to secure an onshore reinsurance licence in India so that it can introduce its skills to help Indian companies manage their risks as effectively as possible.

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