Though operating in Asia for over a century, Lloyd’s officially entered Asia in 1999 with the setting up of its first regional office in Singapore, and has since expanded in terms of business volume and offices in the continent. Asia Insurance Review has tracked and covered every move of the insurance marketplace across the Asian continent over the past 27 years and give below a timeline of their Asia expansion.
By Jimmy John
From setting up its first office in Singapore in 1999, Lloyd’s Asia has grown to become the largest and most dynamic of Lloyd’s regional insurance platforms. The Lloyd’s Asia operation today is home to more than 200 expert underwriters representing 22 syndicates and 16 service companies, and has established itself as the leading market place for specialist (re)insurance across the APAC region. Lloyd’s today has offices in China and India, two of the fastest growing insurance markets in the world.
2006: Lloyd’s Chairman Lord Peter Levene highlights the importance of Asian markets
Speaking on its growth plans in Asia Lloyd’s Chairman Lord Peter Levene of Portsoken, spoke to Asia Insurance Review’s correspondents Wendy Koh and Irene Yeo on the road ahead for them. He said that they had great expectations from China, which they were keen to enter, as it was “such a huge market that could not be quantified in terms of a timeline.” He had no doubt that the Chinese business venture would be successful.
Mr Levene mentioned that India was another important market for Lloyd’s, where Lloyd’s only had a representative office to keep their ears to the ground. It was keen to expand in India, and Lord Levene said that it was going to be another big project for them. For the time being, they were monitoring legislative developments before deciding on the next step.
Asia Insurance Review – May 2006
2015: Developing Lloyd’s in Asia, a top priority
In June 2015, Lloyd’s CEO Inga Beale said that it was only by growing its Asia platform that Lloyd’s could remain the world’s market of choice for specialist insurance and reinsurance. She believed that by growing Lloyd’s in Singapore would not only be good for the city state, but would also help strengthen even further this vibrant international hub.
Lloyd’s strategy, she said, was to “embrace those new centres”, with the development of Lloyd’s Asia as one of its top priorities.
Asia Insurance Review – June 2015
Lloyd’s in China
2015: Opening of first office in Beijing
Lloyd’s opened its Beijing office in March 2015, which was a culmination of a decades-long relationship. In March 2015,
Asia Insurance Review did a timeline of Lloyd’s history in China.
The Lloyd’s market was providing offshore reinsurance capacity to the Chinese insurance market since the 1970s for a diverse range of risks.
Lloyd’s representative office
Over the decades, a relationship of mutual support developed and in November 2000, Lloyd’s opened its representative office in Beijing to provide a window into the Chinese market and create an opportunity for the Chinese insurance industry to work more closely with Lloyd’s and the London market.
While the Beijing office did not handle any business, it was a liaison link for those in China wishing to know more about Lloyd’s or place business in the Lloyd’s market.
Lloyd’s Insurance Company (China)
In April 2007, Lloyd’s Reinsurance Company (China), a wholly-owned subsidiary, was approved to commence reinsurance business operation.
In May 2010, CIRC extended Lloyd’s China’s licence to include non-life direct insurance in the Shanghai region. In line with this expanded licence and in accordance with the regulations of CIRC, the company name changed from Lloyd’s Reinsurance Company (China) to Lloyd’s Insurance Company (China) in October 2010.
The extended licence became operational in September 2011. Reinsurance continued to form the bulk of business written by Lloyd’s China under the expanded licence, but the extended licence allowed it greater access to Chinese business and was an important long-term development for Lloyd’s presence in China.
In September 2014, the Chinese Government awarded Lloyd’s China a licence to establish a branch office in Beijing which enhances local access to international specialist (re)insurance expertise.
Asia Insurance Review – April 2015
Lloyd’s in India
2015: Indian Regulator issues special draft rules for Lloyd’s entry
Understanding the complex nature of the Lloyd’s market and its operations, the Insurance and Regulatory Development Authority of India (IRDAI) formulated special regulations for Lloyd’s to set up a presence in the Indian market.
These regulations issued in November 2015 stated: “Lloyds India being a market shall ensure that the market and the constituents are housed in one location for the conduct of reinsurance business.” Constituents of Lloyd’s India, which will include members of Lloyd’s UK, service companies of Lloyd’s India and syndicates of Lloyd’s India, will be granted recognition by IRDAI through a certificate of registration.
A Lloyd’s UK applicant could apply to register in one of two categories, which are a) as a reinsurer with an order of preference at par with Indian reinsurer(s) or b) others.
Eligibility norms required the applicant to have obtained in-principle clearance from the home country regulator; to have been registered or certified in a national regulatory environment with whom Government of India has signed a Double Taxation Avoidance Agreement, to have net owned funds of INR50bn (US$756m) and a minimum credit rating of at least good financial security characteristics from any of the renowned credit rating agencies for the last three years; to have been in reinsurance business for at least 10 years, and to infuse a minimum assigned capital of INR1bn into Lloyd’s India with a solvency margin as stipulated by the home regulator.
Asia Insurance Review – December 2015
2016: Lloyd’s reinsurance branch in India
In April 2016, Lloyd’s announced its intention to apply for a reinsurance branch based in Mumbai. The branch would provide Indian reinsurance brokers with local access to Lloyd’s underwriting expertise and innovative reinsurance solutions for complex and specialist risks, including agriculture, infrastructure and disaster management.
On this development, Lloyd’s Chairman Mr John Nelson said that Lloyd’s presence in India would contribute to the development of a more diverse reinsurance market, which was fundamental to the stability and future growth of the Indian economy. He said that Lloyd’s would also help to position India as a centre for insurance, reinsurance and associated services
Asia Insurance Review – May 2016
2017: Lloyd’s starts Indian operations
Lloyd’s commenced its Indian operations, roping in MS Amlin as its first syndicate for its Indian branch and began underwriting on 1 April 2017. Commenting on this, Mr Nelson said that it was “a true milestone in Lloyd’s 328-year history.” He hoped that Lloyd’s would help to strengthen and diversify the Indian reinsurance market, increasing capacity, products and choice available to Indian insurers. Mr Nelson believed that this would help create a more vibrant insurance market and increase the level of protection across the Indian economy.
Asia Insurance Review – eDaily
2019: Lloyd’s Asia’s 20th anniversary
Lloyd’s Asia celebrated its 20th Anniversary in 2019 and
Asia Insurance Review’s Correspondent Ridwan Abbas tracked Lloyd’s Asia growth since inception in 1999.
Over the two-decades since its official entry into the Asian region, Lloyd’s Asia became the largest provider of offshore insurance in Singapore – with over 90% of its business coming from regional markets outside Singapore. The Lloyd’s Asia platform had become a thriving and independent market that also strengthened Singapore’s claim to be a global insurance hub.
Since its establishment in 1999, Lloyd’s has played an important role in Singapore’s insurance ecosystem, helping cement the island state’s status not just as a regional but also an emerging global insurance hub. In 2019, Lloyd’s Asia in Singapore was home to more than 200 underwriters representing 22 syndicates and stood as Lloyd’s largest overseas hub.
Then Lloyd’s Asia Pacific Regional Director Iain Ferguson said that Asia was a very attractive market for Lloyd’s and it was Lloyd’s fifth largest, based on premiums written in and via Singapore and it profitable.
Asia Insurance Review – June 2020
2026: Lloyd’s expansion into GIFT City, India
In March 2026 Lloyd’s received authorisation to operate in the Gujarat International Finance Tec-City (GIFT City), India’s international financial services centre. The licence allows Lloyd’s managing agents to set up a service company in GIFT City, and underwrite business there. The platform provides access to a wide range of Indian reinsurance business, including from mainland India (DTA), GIFT City, other special economic zones and outside India.
Asia Insurance Review – eDaily