Lloyd’s of London has secured approval from the Indian regulator, Insurance Regulatory and Development Authority of India (IRDAI), to provide onshore reinsurance services in India.
The decision means that the Lloyd’s market is now in a position to set up a branch in India in 2017.
Visiting New Delhi, as part of the United Kingdom Prime Ministerial trade delegation, Lloyd’s Chairman John Nelson welcomed the decision and supported the program of reform being undertaken by the Indian government to open their reinsurance market.
“This is a very significant day for Lloyd’s and we look forward to establishing a branch in Mumbai in 2017. I believe Lloyd’s can bring unique benefits to India by providing both protection and new opportunities for many domestic insurance businesses,” said Lloyd’s Chairman John Nelson.
“India is one of the world’s greatest growing economies. I passionately believe that our presence will contribute to the development of a more diverse reinsurance market, which is fundamental to the stability and future growth of the Indian economy. This can help position India as a center for insurance, reinsurance and associated services,” Nelson continued.
“The progress India is making in reforming reinsurance markets is encouraging and will bring lasting benefits to the Indian economy. A level playing field for all reinsurers will mean that domestic market can thrive and become a hub for innovative new products that meet the need of businesses,” he went on to say.
In April 2016, Lloyd’s appointed Shankar Garigiparthy as its new country manager for India. Garigiparthy joined Arun Agarwal, general representative for Lloyd’s in India since 2011. They have been leading the development of Lloyd’s presence in India, said Lloyd’s in a statement.
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