Although London, with its insurance talent concentration, geographical and time-zone advantages, will remain the global hub for Lloyd’s, CEO Inga Beale said that it is only by growing its Asia platform that Lloyd’s will remain the world’s market of choice for specialist insurance and reinsurance. “In a multi-polar world, new centres of excellence will emerge, and we would be fool-hardy to ignore these.”
Lloyd’s strategy, she said, is to “embrace those new centres”, with the development of Lloyd’s Asia as one of its top priorities. “I firmly believe that a growing Lloyd’s in Singapore will be good for the city state, helping strengthen even further this vibrant international hub.”
Speaking at an event organised by the General Insurance Association of Singapore (GIA), Ms Beale laid out a few unique features of the Lloyd’s platform which she believes will help grow the Singapore market.
Subscription model
The first is its subscription model, which is instrumental to Lloyds’s ability to champion innovative projects; being a marketplace, it can take on large and complex risks on a syndicated or subscription basis. Noting that the Monetary Authority of Singapore (MAS) has an aim for more subscription to take place in Singapore, she said the Lloyd’s platform will help build both capacity with underwriters and confidence with local brokers.
“In London, brokers are often the driving force for syndication. Lloyd’s has those trusted relationships in London, and we can help seed them here in Singapore. So, syndication is one benefit we can offer Singapore, together with the trusted relationships that process entails.”
Global access
Another key advantage that the specialist insurance market is able to offer is its global access. Lloyd’s underwriters are able to write business in over 200 countries worldwide and are also gaining footholds in new countries “from China through to Columbia”. As such, insurance carriers that use its platform “can short-circuit global market access, helping Singapore to become even more connected, even faster.”
“Market regulator” experience
A third feature and advantage, is its “experience as a market regulator”. Ms Beale cited two examples: 1) In London where for over a decade, it had been working towards putting an end to the “deal now, detail later” culture, and; 2) Lloyd’s Asia’s efforts in being part of the Working Group looking at contract certainty in Singapore.
“The guidelines for contract certainty in Singapore have now been published, and is a very important development for this market,” she added.
Talent development & sharing best practices
The last key edge Ms Beale listed is Lloyd’s efforts to recruit the “best possible talent, from different countries, cultures and backgrounds”. The specialist insurance market is working with GIA and MAS on talent development programmes for both graduates and non-graduates, and is also involved in a range of industry initiatives in Singapore, “particularly those which create dialogue and help share best practices”.
“The future rests on the shoulders of a new generation of men and women from all around the world. We need to do everything we can to entice them into our industry,” she said.