“I blame regulation,” says Lloyd’s chairman about India
Lloyd’s chairman Lord Levene says India is among the most protectionist countries in the insurance industry in the fast-growing Asian region, the FT reports.
India imposes a 26% ownership limit on foreign investors in insurance companies. Legislation to raise this to 49% has become bogged down in parliament.
India is “the one place I would complain about. India is a very, very difficult market”, Lord Levene said. “It’s one of the few places in the world where I blame regulation [for keeping foreign insurance companies out].”
Tokyo office
Lord Levene, was in Tokyo to open the Lloyd’s insurance market’s new office there. He said he hoped to increase Lloyd’s business in Asia from about 8% of total premium income to about 15% over the next decade.
Lloyd’s has failed even to obtain a licence in India. “There is a lot of protectionism,” Lord Levene said.
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