Lloyd's gains nod for direct insurance
By Zhang Fengming |
May 20, 2010, Thursday
|
Print Edition
Print Edition
LLOYD'S of London has gained regulatory approval to start a direct insurance business in China as it sees plenty of opportunities, its chairman said in Shanghai yesterday.
"It's a very important event for Lloyd's and China, as a major economy, offers an opportunity we can't miss," said Peter Levene, chairman of Lloyd's, at the UK pavilion at the Expo site yesterday. He was informed of the approval on Tuesday in Beijing when he met Li Kemu, vice chairman of the China Insurance Regulatory Commission.
Lloyd's will start its direct insurance in the property and casualty sectors in Shanghai. Direct insurance offers financial protection for policy holders. Levene said it's unnecessary for the company to expand geographically in China as it can write policies nationwide as long as a single policy is more than US$60,000.
Levene said he sees plenty of opportunities in China for its direct insurance business and although the company's business in China is relatively small now, it is set to grow into a major one in Asia. But he declined to set a timetable for the growth.
Asia now accounts for 7 percent of Lloyd's global business and the firm hopes the share will rise to 15 percent in a decade.
"It's a very important event for Lloyd's and China, as a major economy, offers an opportunity we can't miss," said Peter Levene, chairman of Lloyd's, at the UK pavilion at the Expo site yesterday. He was informed of the approval on Tuesday in Beijing when he met Li Kemu, vice chairman of the China Insurance Regulatory Commission.
Lloyd's will start its direct insurance in the property and casualty sectors in Shanghai. Direct insurance offers financial protection for policy holders. Levene said it's unnecessary for the company to expand geographically in China as it can write policies nationwide as long as a single policy is more than US$60,000.
Levene said he sees plenty of opportunities in China for its direct insurance business and although the company's business in China is relatively small now, it is set to grow into a major one in Asia. But he declined to set a timetable for the growth.
Asia now accounts for 7 percent of Lloyd's global business and the firm hopes the share will rise to 15 percent in a decade.
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