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Lloyd's Insures Future with Emerging Rich

Source: Associated Papers

Posted on 12 Feb 2013 by Neilson

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LloydsThe Lloyd's insurance market aims to generate at least a quarter of its premium income from developing countries by 2025.

At present the vast bulk of its 23 billion of premiums come from America, the Continent and Britain, but chief executive Richard Ward says he wants countries such as China, Brazil and India to be contributing about 25 pe cent within the next few years.

Ward argues that the target is 'ambitious' as much developing country insurance is currently being underpriced and Lloyd's does not want to move into new territories and risks unless it can see a profit.

'We are pre-eminent in our traditional markets, which currently account for 70 percent of the world's GDP,' said Ward. 'But this will be 30 percent by 2030."