With its current annual premium income from India at $200 million, U.K.-based re-insurer Lloyd ‘s of London is looking at 8-10 percent annual growth in its India business.
The company has applied to India’s Insurance Regulatory and Development Authority for license and is likely to start operations in the country by early next year. Currently it underwrites business in the country on an off-shore basis.
“We are looking at a growth in our business from India operations in future at 8-10 per cent which is slightly more than the country’s GDP growth,” Lloyd’s of London chairman John Nelson told reporters at the Times of India.
“We will grow our business in the country gradually by offering solutions for complex and specialist risks like infrastructure, energy, director and officer liability, trade credit, terrorism and disaster management. For us, Indian market from the day one will be high competitive market,” he added.
