Inga Beale
Wed 04 Nov 2015 – Lloyd’s can play a vital role in protecting China’s economic growth by improving resilience and bringing innovative insurance products to the market, said Inga Beale, Lloyd’s CEO, at the recent Lloyd’s China Day event in Beijing (30 October). (source: Lloyd’s of London)
Beale made the comments in a speech to 500 local and international insurers and underwriters, and regulators.
She said China was at the heart of Lloyd’s long-term strategic aim –as set out in Vision 2025 – to expand its global market access and cited the country’s economic growth potential and rapidly developing insurance market as the main reasons for its importance to Lloyd’s.
Highlighting the challenges and risks faced by Chinese companies as they expand into local and international markets, Beale said Lloyd’s could offer them the protection they need to maintain sustainable growth.
“Whether it is meeting unsatisfied demand for natural catastrophe insurance cover, supporting the ambitions of Chinese companies to expand internationally, or using Lloyd’s expertise to provide innovative risk solutions, we can help protect your economic success, ” said Beale.
Erik Gao, CEO of Lloyd’s China.
She also praised the “constructive relationship that Lloyd’s has with officials and regulators here”, and highlighted the agreement signed between China in the UK in September 2015, which strengthens cooperation and shared expertise on improving regulations on credit rating and capital adequacy requirements on foreign reinsurers and their branches in China, based on effective regulation.
Lloyd’s China Day took place at a time when links between Lloyd’s and China are strengthening. Earlier in October Lloyd’s signed a Memorandum of Understanding (MoU) with China Taiping Insurance, one of China’s leading insurance companies.
Panel session featuring leaders from PICC P&C, Ping An P&C, CPPIC, China Re Group, Fosum Group and Argo Group
The agreement commits both parties to collaborate in the development of Chinese and global insurance markets and for Lloyd’s to support Taiping Reinsurance Company to establish a Lloyd’s syndicate and Taiping Reinsurance Brokers Ltd to become a Lloyd’s registered broker.
