Lloyd’s of London has secured R1 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 programme of reform being undertaken by the Indian Government to open up their reinsurance market.
Lloyd’s Chairman, John Nelson said, 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.
Nelson added, 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 centre for insurance, reinsurance and associated services.
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.
International Trade Secretary, Liam Fox, said, This is a symbolic decision and one that will not only provide protection for growing Indian businesses but also bring additional revenue to the UK insurance sector.
This move is yet another example of the strong economic and commercial partnership between the UK and India – a partnership that is extremely important to me and the UK government.
The bonds we share, not just of commerce and trade but also historically and culturally, will be at the very heart of the strategic relationship between our two nations.
Curated from Lloyd’s of London secures R1 approval from IRDAI