Lloyd’s unveil 2025 strategy

Tuesday, 15 May 2012 00:00 - - {{hitsCtrl.values.hits}}

Lloyd’s of London has unveiled a long-term strategy to make sure that the historic insurance market will become the major global hub for specialist insurance and reinsurance by 2025.

As part of the strategy, Lloyd’s will continue to build local underwriting expertise in Singapore - in insurance and reinsurance, and across multiple classes, including: aviation, marine, terrorism, energy and property.

Called Vision 2025 and launched last Friday at a special event attended by British Prime Minister David Cameron, the blueprint sets out bold plans to grow Lloyd’s business, especially in the faster growing markets of Singapore, China, India, Brazil, Mexico, Colombia and Turkey to truly internationalise the Lloyd’s underwriting community.

Lloyd’s Head of Asia Pacific, Kent Chaplin, said: “Vision 2025 will accelerate several emerging trends in Singapore. Lloyd’s is Number 4 in terms of offshore market share in Singapore, Lloyd’s biggest physical underwriting operation outside London. We expect Vision 2025 will boost Lloyd’s position as a regional insurance and reinsurance hub in Asia.”

Lloyd’s Vision 2025 is the result of consultation with the Lloyd’s underwriting market and its customers, the brokers. The plan envisages that growth of Lloyd’s premium from its established markets will be at least in line with the GDP growth for those markets - but greater growth will be achieved from the faster growing markets. Chaplin said: “There has been considerable growth in Lloyd’s Asia with 250% growth in premium income over the past five years. Property is a particular area of focus following recent catastrophes in the region with premium income growing by 70% in 2011. This is set to accelerate with the launch of Vision 2025.”

The capital base of the Lloyd’s Market will be more diversified, with a greater contribution from the leading growth countries. The Lloyd’s underwriting community will be truly internationalised with a substantial number of overseas nationals in the market. “We must internationalise the Lloyd’s underwriting market in people terms, simply because it will expand the network of trusted relationships on which the Lloyd’s market is based,” said Lloyd’s CEO, Richard Ward.