Lord Levene comments on plans by the Government of India to further open up the Indian market to Lloyd's...
Lloyd's chairman, Lord Levene, has today commented on proposals by the Government of India to further open up the Indian market to Lloyd's.
Lord Levene said: "We are very pleased to learn of the important measures that the Government of India is proposing to introduce, as conveyed to The Chancellor of the Exchequer by the Indian Finance Minister today. Their successful introduction would provide India with much greater access to the significant expertise and experience which our underwriters have in handling specialist risks.
"Together with our success in obtaining an onshore reinsurance licence in China, this would represent another very substantial step forward for Lloyd's. The growth of non-life premia in India has outstripped average global rates for the past decade, therefore the potential addition of such a fast growing market is an outcome we have long awaited."
