The arrival in Brussels of Lloyd’s of London is a big deal for Belgium, commented the professional association of insurance, Assuralia, on Thursday. “This is certainly good news, it is a recognition of Brussels as a financial center and as a potential source for international players in the insurance market, it is a boon for Belgium”, commented a spokesman for Assuralia.
The arrival of the British group should however not have a huge impact on the Belgian insurance market because Lloyd’s is already able to offer its services in Belgium today. In terms of employment, the spokesman for Assuralia is counting on dozens of people hired by Lloyd’s of London in Brussels.
The spokesman added that the British group is not a simple insurer. “At Lloyd’s, there is demand and supply, and it is not a single insurance company, there are several suppliers, one active in car insurance, the other in the maritime sector and yet another in the airline industry or for film projects… The focus is on property and casualty insurance, not life insurance.”