Lloyd’s has been making a significant effort to improve access to overseas markets after seeing promising opportunities for international trade among emerging economies.
Though Lloyd’s has been very active in this pursuit, it also published an article on its own website which requested improved cooperation among the participants in the markets, itself, and the managers within its own country, which would allow for further improvements to the current opportunities.
It was acknowledged by Lloyd’s that regardless of the financial crisis worldwide, a number of emerging markets within Latin America and Asia continued their rise. According to the director of International Markets at Lloyds, Jose Ribeiro, this provides both challenges and opportunities to an insurance market of a global scale, such as that of Lloyd’s.
Ribeiro went on to say that an increasing number of multinational organizations are based in countries such as India, China, and Brazil, and they are seeking to purchase their insurance from companies such as Lloyd’s, which specialize in these areas. That said, the competition in this market is growing on the local front in both Latin America and Asia.
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The response from Lloyd’s to this emerging competition is to further its own presence in the most promising countries, such as China and Brazil, and to open new offices there. It also has intentions to open an office in Russia later in 2011.
It is Ribeiro’s hope that the managing brokers and agents will make “greater use of Lloyd’s representatives and the experience of others in the market.” This will help Lloyd’s to take advantage of more opportunities within those countries through cooperation so that they can better access the markets as a whole.