Advertise
Resources
Member, Beacon International Group, Ltd.
LONDON--Lloyd's of London wants to double its share of the European property/casualty insurance market, according to its chairman.
"For 50 years the British insurance industry has hesitated over Europe to its detriment, and now is the time for Lloyd's to be open, creative and willing to take bold decisions," said Lloyd's Chairman Peter Levene, Lord Levene of Portsoken.
Currently, Europe accounts for 29% of all global nonlife insurance premiums, but it represents only 13% of Lloyd's business, Lord Levene said. "Lloyd's hopes to double this figure as soon as possible."
And with the expansion of the European Union, there will be even more opportunities for Lloyd's to grow, said Lord Levene, who made his remarks Thursday at the inaugural Lloyd's European Symposium in London.
"By 2004, the European Union will consist of 25 nations. I can't begin to imagine what a (gross domestic product) of $30 trillion actually feels like, but it means that Europe will soon represent the world's largest commercial market, and its power can only grow," he said.