Lloyd’s CEO in China Talks on Expansion

A bulletin on the Lloyd’s web site notes that CEO Richard Ward “met with representatives from the China Insurance Regulatory Commission (CIRC) in Beijing last week, including the commission’s Vice Chairman Zhou Yanli, as part of Lloyd’s continued preparation for writing direct business in China.”

Lloyd’s received a Direct License from the CIRC in May 2010, and Ward’s meeting with the regulators gave him the opportunity to provide them with an update “on Lloyd’s progress in China. This includes the implementation of a new IT system, developing business processes and overseeing the refurbishment of the Shanghai office. Talks also focused around Lloyd’s commitment to supporting the development of a financial and maritime hub in Shanghai by 2020.”

Speaking after the meeting, Ward stated: “Lloyd’s continues to prepare to write direct business in China. We are working hard to ensure that the infrastructure, controls and personnel of Lloyd’s China meet the CIRC’s regulatory obligations. We also look forward to supporting the development of Shanghai as a major international financial and maritime centre.”

The bulletin also noted that the CEO attended a board meeting of the Geneva Association (GA) in Beijing, the first ever to be held in an Asian country. The association, an international think tank for insurance and risk management issues, has committed to stepping up cooperation with the Chinese insurance sector.

During the meeting, Ward met with Chinese Vice Premier Wang Qishan who praised the positive role of the GA in promoting reform of the international insurance industry. China is currently the sixth largest insurance market in the world and the second largest in the region. It is expected that China’s insurance market is poised to overtake the US, possibly as early as 2020.

Source: Lloyd’s of London

Topics Excess Surplus China Market Lloyd's