Senior executive is anticipating demand for insurance to grow in Apac, as wealth increases in much of region and people realise the need for more protection
LLOYD’S of London’s Singapore hub will write more than US$1 billion of business this year, as growing wealth levels help to raise awareness of the need for insurance, said Lloyd’s chairman Bruce Carnegie-Brown.
Gross premiums across Lloyd’s business tend to rise alongside global gross domestic product growth. In the last two years, Lloyd’s gross premiums have grown at a more rapid clip than the global GDP, at around 11 per cent per annum.
“One of the features of developing economies around the world is that they tend to be underinsured; that remains true in much of the Asia-Pacific (Apac). But this is the most populous region in the world, and of course economic growth in Asia is the fastest in the world…
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