Insurer Lloyd’s will open its India reinsurance branch in 2017. Chairman of the company John Nelson said he expects to begin small in India and would start off with few syndicates and managing agents. He said the aim was to grow ahead of the gross domestic product (GDP) growth in India. He added the company expected more liberalization in the regulatory regime. Lloyd’s onshore presence in India will contribute to the development of a more diverse reinsurance market, which is fundamental to the stability and future growth of the Indian economy, he said, adding the company can help support the expansion of insurance penetration in India and increased insurance can limit the economic impact of catastrophes and other major events that can hamper the growth of the insurance industry, and the economy as a result.
