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Senior executive expects demand for insurance in Apac to grow as prosperity increases across much of the region and people realize the need for more protection
London hub Singapore’s LLOYD’S will do more than $1 billion in business this year as growing levels of prosperity help raise awareness of the need for insurance, Lloyd’s chairman Bruce Carnegie-Brown said.
Gross written premiums for all Lloyd’s businesses tend to increase in tandem with global gross domestic product growth. Over the past two years, Lloyd’s gross written premiums have grown faster than global GDP, at around 11 percent per year.
“One of the hallmarks of developing economies around the world is that they are often under-insured; that remains true across much of the Asia-Pacific (Apac). But this is the most densely populated region in the world, and of course Asia’s economic growth is the fastest in the world…
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