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News focus - Asian focus for new Lloyd's report.
(From Reinsurance)
Lloyd's has released new research giving the insurance industry clear guidance on key developments in Asia.
The research, entitled 'New Openings - quantifying opportunities in Asia', earmarks four specialist classes of business for growth: marine cargo, product liability, directors & officers (D&O) and professional indemnity (PI). Key findings include the fact that marine cargo is forecast to break the $1bn barrier, as those interviewed predicted growth of 23% in the marine cargo class. This would see regional premium grow from an estimated $940m to $1.15bn by 2007.
In addition, 27% growth is expected in the product liability market, as product liability in Asia is developing quickly from a niche business class to one that represents a significant pool of premium income. The 27% expected growth would see premium income grow to well over $250m.
The report also claims that premiums from D&O and PI will reach almost $400m. Both of these classes of business are expected to have a quarter more premiums ...
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