The Global Asia Insurance Partnership (GAIP) has announced that Lloyd's Asia has joined the Asia-focussed, neutral tripartite platform as a Supporting Partner, bringing a specialist (re)insurance market perspective to GAIP's work to address protection gaps and strengthen resilience against the complex and evolving risks affecting Asia.
Based in Singapore, Lloyd’s Asia is the Lloyd’s market’s largest underwriting centre outside London and a key hub for specialist (re)insurance business across APAC. It connects regional markets with specialist underwriting expertise, risk insight and global market capacity, helping businesses respond to risks that may be complex, emerging or difficult to insure through conventional approaches.
Lloyd’s Asia’s contribution to regional market development extends beyond underwriting. Through its work on innovation, risk insight, industry engagement and talent development, it supports the expertise, capabilities and collaboration needed for insurance markets to respond to changing risks. These efforts are also important in addressing protection gaps, which cannot be resolved through additional insurance capacity alone.
“Strengthening resilience across Asia requires perspectives from across the insurance ecosystem,” said GAIP CEO Min Hung Cheng.
“We are pleased to welcome Lloyd’s Asia as a Supporting Partner and to bring its specialist market perspective into GAIP’s broader public-private-academia collaboration.”
Ms Min also said, “We look forward to working together with Lloyd’s Asia and our other partners to advance practical, evidence-based approaches to complex risks and protection gaps across the region.”
“Asia’s risk landscape is evolving rapidly and effective solutions must reflect the region’s diverse markets and needs,” said Lloyd’s APAC, Middle East and Africa, CEO, Emma Loynes.
“Working with GAIP will deepen our understanding of those challenges and help the Lloyd’s market contribute expertise and solutions that are relevant to the communities and economies they are intended to serve.”
As a Supporting Partner, Lloyd’s Asia will participate in relevant GAIP working groups, dialogues, workshops and other collaborative initiatives, and engage with GAIP’s research, frameworks and tools. This will enable two-way exchange between Lloyd’s Asia’s market experience and the regulatory, public policy, academic and wider industry perspectives represented within GAIP on key and emerging risks affecting the region.
Through this partnership, GAIP and Lloyd's Asia aim to deepen cross-sector knowledge exchange and support practical, evidence-based approaches to the risks affecting people, communities and economies across Asia.