Economic news Embassy 58
From coffee shop to global insurer
After a tour of the famous ‘Inside Out’ Lloyd’s building (to see photos please click here) CEO Inga Beale outlined to economic attachés how the venerable 327-year-old specialist insurer which started life as a coffee shop providing shipping information is adapting to find growth areas in new emerging markets where the concept of specialist insurance is not well known.
“We have estimated that there is an under-insurance gap of about $168 billion,” said Beale, even in mature markets where the state, or taxpayer, is stepping in to fill the gaps when disaster strikes.
Attracting capital from markets such as China and matching it to risk that is currently not insured is part of Lloyd’s strategy, which will help to build resilience into those economies as well, added Beale.
Lloyd’s is also seeking out new sectors, the most significant being cyber risk, Sean McGovern, Chief Risk Officer, told diplomats.