Tagged: Asia, broker, capacity, Lloyd's, specialist

This article was published by Lloyd’s, July 2006

Brokers are becoming an “essential part of the insurance buying process” in Asia, according to Lloyd’s first accredited broker in the region.

Philip Bilney, executive director of FP Marine Risks, says that although there is a well-established market in Asia already, there is still a lot of potential for growth. He adds that the time is right for brokers who want to start offering their services in the region.

“As a developing market, the primary distribution channels have traditionally been via insurance company agents,” he says. “But as risks become more complicated and buyers more sophisticated, brokers are becoming an ever more essential part of the insurance buying process.” This sentiment echoes the findings of recent research conducted by Lloyd’s which found that there is significant and growing demand for specialist services offered by commercial brokers.

Bilney adds: “Looking at the region as a whole, the insurance industry is more experienced and better founded than it was a decade ago. The Asian market is more mature and has more experienced individuals within it.”

Bilney believes that this has in part been reinforced by the Lloyd’s syndicates established in Asia over the last several years.

“From our perspective, the Lloyd’s market is enormously relevant,” he says. “It’s at the hub of marine insurance worldwide. It has far more experience than any other single market or body of underwriters. There are very few risk types which are entirely new to Lloyd’s underwriters, so it’s not just about innovation, but experience and expertise.”

The Lloyd’s market is also willing to commit substantial capacity to specialised or complex risks, the kind that some Asian international insurance companies might be more wary of, according to Bilney.

FP Marine Risks is a specialist marine insurance broker with offices in Hong Kong, London, Melbourne and Taipei, operating in key markets such as Asia, London, continental Europe, the United States and the Middle East.

 Print This Post