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As levels of international trade and the importance of emerging economies increase, Lloyd’s has been very active in its efforts to open up access to overseas markets. However, in an article on its web site it called for “greater co-operation between market participants, Lloyd’s and its country managers,” which “could create even greater opportunities.”
Lloyd’s notes that despite the global financial crisis, “many emerging markets in Asia, Latin America and other parts of the world continue to grow. This trend offers opportunities to a global insurance market like Lloyd’s, but it also presents challenges,” explained Jose Ribeiro, Director, International Markets at Lloyd’s.
“More and more multi-national companies are from countries like China, India and Brazil, and they are looking to buy insurance from specialist insurance centers like Lloyd’s. However, there is also increasing competition from local financial services centers that are developing in Asia and Latin America.
Lloyd’s has responded by opening offices and expanding its presence in countries like Brazil and China. It plans to open a new office later this year in Russia.
Ribeiro stressed that the representatives in new markets are a vital source of intelligence – “the eyes and ears of Lloyd’s and the market in overseas territories. They continue to play an important role in promoting Lloyd’s and gathering market intelligence – helping the market understand the challenges and opportunities that enable them to underwrite successfully.”
He would like to see managing agents and brokers make “greater use of Lloyd’s representatives and the experience of others in the market. “There are many opportunities to co-operate and work collectively. It is important that brokers, managing agents and Lloyd’s work hand in hand when looking to access markets together.”
Lloyd’s pointed out that “in a bid to engage with the market and promote greater levels of cooperation,” it has recently “revamped its annual representatives’ conference and gave it a new focus. The reps conference – which this year was held in London on 27 and 28 June – was turned on its head and is now more outwards facing,” Ribeiro noted.
He also described the conference as a great opportunity for Lloyd’s representatives from all over the world to exchange information with the market. It included panel discussions on what Lloyd’s and the government has been doing to help the market overseas. Representatives from the government said that they would welcome more interaction from individual brokers and managing agents, in addition to Lloyd’s existing representation.
Source: Lloyd’s of London