Lloyds aims to begin reinsurance operations in India early next year following its application to the Insurance Regulatory and Development Authority of India (IRDAI). The bank intends to increase its presence slowly in India in the first year, with plans to grow its addressable market size to $$2 trillion by 2025 through catering to property, energy, marine and aviation services. The IRDAI has given its initial approval to Lloyds, allowing the bank to scale up its presence throughout the country.
Lloyds aims to begin reinsurance operations in India early next year following its application to the Insurance Regulatory and Development Authority of India (IRDAI). The bank intends to increase its presence slowly in India in the first year, with plans to grow its addressable market size to $2tn by 2025 through catering to property, energy, marine and aviation services. The IRDAI has given its initial approval to Lloyds, allowing the bank to scale up its presence throughout the country.