Lloyd’s changes emphasis in geographical focus, more “tactical” approach to emerging markets

Speaking at Marine Insurance London conference on Friday March 22nd, Lloyd’s CEO John Neal said that Lloyd’s had slightly changed emphasis in its geographical focus. While he felt that it had been “prudent” to gain a foothold in the emerging markets of India, China, and particularly south-east Asia, “I think that we need to deploy our resources in those emerging economies a bit more thoughtfully and a bit more tactically”.

He said that, at the same time, Lloyd’s had to concentrate on the developed markets, to reflect the potential for growth (there). “So if you look to the US, it would not matter if you had an insurer standing here, an investment banker or a banker, 50% of the world’s flow comes out of the US. So we really do need to understand what we can do with those customers, particularly with their international interests.”

Neal noted that Lloyd’s had been in the US for 180 years, “so how do we exploit that relationship better?” he asked.

Simultaneously, there was Brexit. “We really have to work out how we cement our relationships with our partners across Europe”, Neal said.