Largest insurance market in the world comes to Brussels

30 March 2017
Largest insurance market in the world comes to Brussels

Lloyd’s of London, the largest insurance market in the world, is going to set up a new subsidiary in Brussels. “It is the first time that Lloyd’s is setting foot on the European continent,” says Minister of Finance Johan Van Overtveldt. With this move, Lloyd’s is anticipating the potential effects of Brexit for the UK’s access to the European single market.

Lloyd’s was founded in 1688 as a market for shipping insurance, but has in the meantime expanded into the largest insurance market in the world. Lloyd’s has a unique model in which it does not itself underwrite insurance risks, but organises a market for its approximately 2,000 members and 90 syndicates. “I am overjoyed that such an internationally renowned and respected institution has opted for Brussels,” says Minister Van Overtveldt. “The intensive discussions we have had over the last few months with Lloyd’s are now delivering results.”

Potential magnetic effect

“The choice of Brussels by Lloyd’s also shows that the position of our capital as a financial centre is improving,” Johan Van Overtveldt notes. “And it can have a magnetic effect on other insurers and specialised financial institutions, a sector in which Brussels already has a strong tradition. The financial sector is still under tremendous pressure. The reforms that are emanating from the working group of experts for the financial sector are beginning to bear fruit. That is hopeful for future investments, jobs and growth,” concludes the Minister.

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