Lloyd’s, which writes some US$800 million of premiums in the Middle East, held its first “Meet the Market – Middle East” in April in Dubai’s Palazzo Versace, with about 400 clients, partners and other stakeholders from the UAE and the region attending.
Lloyd’s Chairman John Nelson said they were “very pleased with the progress made” since the Dubai platform was launched in March 2015. It wrote some $90 million in premiums in 2015 and is targetting $120 million by end of this year.
Despite the current hiccups in the global economy, Mr Nelson is confident that the medium- and long-term prospects for Lloyd’s in the Middle East are “extremely attractive”, adding that Dubai is an extremely important regional hub for insurance and reinsurance. The UAE is the most important market in the region for Lloyd’s, contributing $220 million of the $600 million in premiums coming from the GCC.
Stressing that Lloyd’s business was about relationships and building trust, Mr Nelson attributed its lure to prudent underwriting, increased security, a greater global presence, concerted efforts to make it easier to do business with Lloyd’s, and its innovations to serve an ever-changing world. As a global player, 85% of Lloyd’s business comes from outside the UK, he added.
Mr Mark Cooper, General Representative, Middle East, Lloyd’s, said that the Dubai platform has, within the past 12 months of being set up, moved fast to respond to the specific needs of the market in the Middle East.
“Meet the Market” is a forum aimed at creating opportunities for clients to meet and understand the workings of the various syndicates, coverholders, brokers and underwriters at Lloyd’s.
The Dubai forum featured some 15 stands hosted by syndicate underwriters, managing agents, coverholders and brokers. There were also workshops on offshore energy, liability and political violence, as well as a dedicated session how to become a registered Lloyd’s broker or coverholder.