“I blame regulation,” says Lloyd’s chairman about India
Lloyd’s chairman Lord Levene says India is among the most protectionist countries in the insurance industry in the fast-growing Asian region, the FT reports.
India imposes a 26% ownership limit on foreign investors in insurance companies. Legislation to raise this to 49% has become bogged down in parliament.
India is “the one place I would complain about. India is a very, very difficult market”, Lord Levene said. “It’s one of the few places in the world where I blame regulation [for keeping foreign insurance companies out].”
Tokyo office
Lord Levene, was in Tokyo to open the Lloyd’s insurance market’s new office there. He said he hoped to increase Lloyd’s business in Asia from about 8% of total premium income to about 15% over the next decade.
Lloyd’s has failed even to obtain a licence in India. “There is a lot of protectionism,” Lord Levene said.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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