Lloyd's chairman urges countries to have open insurance markets

John Nelson, chairman of Lloyd's of London, has said that economies across the globe must not create blockades aimed at shielding the domestic insurance markets, reports Asia Insurance Review.

Mr. Nelson said closed insurance markets limit the products and capacity available to businesses.

Post the recent global financial crisis, the protectionist measures have increased in many Asian nations, said Mr. Nelson, adding that increasing penetration in "underinsured countries is the biggest challenge facing the global insurance industry."

Read more