More than 500 leaders and senior executives from the region gathered under the stars at the Lloyd’s Middle East launch cocktail at the Armani Hotel in Dubai, with most believing that Lloyd’s coming will be a game changer for the market.
The Dubai International Financial Centre (DIFC) office was officially opened by Governor of DIFC and Chairman of DIFC Authority Board of Directors Essa Kazim and Ms Inga Beale, CEO of Lloyd’s, who said they were looking forward to profitable growth in the region.
Nine of Lloyd’s 58 businesses will trade in the DIFC: Amlin, Argo Re, Beazley, Catlin, Liberty, Markel, Talbot, Visionary and Watkins, seven of which will be operating from the new platform.
The specialist underwriters in Dubai will provide cover across a diverse range of risks, including marine and energy, property, construction and engineering, terrorism, political risk and trade credit, casualty, personal accident, professional and financial risks, aviation and contingency.
At a press conference following the opening, Ms Beale said that with two thirds of major carriers being present, and the success of the DIFC as a hub along with the well-structured regulatory framework of the Dubai Financial Services Authority, it was just a matter of course that Lloyd’s would open in Dubai to be part of the region’s growth.
She said that as part of its leadership role, Lloyd’s will pioneer new forms of cover and help raise standards in the region. It will also engage with the market to nurture centres of excellence and expertise in Dubai.
The unique strength of the platform is that underwriting decisions will be made in Dubai itself, Ms Beale added. With Lloyd’s offering 280 products globally, underwriters in Dubai will be able to adapt these products to the local needs of clients.
Lloyd’s Director of International Markets Vincent Vandendael said: “An important part of Lloyd’s Vision 2025 strategy is to expand our presence into developing and growth markets around the world. While the London market is still the global hub for specialist insurance and reinsurance, it is important Lloyd’s continues to expand our global footprint, turning perceived threats into opportunities, and ensuring London stays global for future generations of underwriters and brokers.
“The Lloyd’s Dubai platform gives us a presence in the heart of the Middle East, allowing us to build even stronger relationships and deeper risk insights. This is an important region, with strong economic growth and rates of investment, but little insurance to protect that investment. Lloyd’s can play an important role in de-risking this by providing innovative insurance solutions.”