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'Fantastic' opportunities in emerging markets

Overseas and emerging markets are forecast to continue to be important areas of growth for European (re)insurers in the coming years, and opportunities in the BRIC league of countries (Brasil, Russia, India and China) are "fantastic and incredible", according to Lloyd's director of international markets, Jose Ribeiro.

Speaking at the AM Best European Preview/Review insurance ratings conference in London, Ribeiro and fellow senior industry panellists forecast increased focus on the BRIC league to tap into the projected ongoing considerable growth rates for the regions.

Attendees at the conference also heard that (re)insurers are likely to focus more strongly on opportunities in emerging markets in order to grow, particularly the BRIC league of countries (Brasil, Russia, India and China).

According to Ribeiro, the challenge for Lloyd's is to enter such markets at the right time, usually though reinsurance back to London.

Paul Jardine, group chief operating officer at Catlin agreed, adding that once branding has been established, retail business won in emerging markets tends to be "stickier", demonstrating higher retentions and tighter relationships with local decision makers.

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