Lloyd's of London targets Islamic insurance market

Lloyd's of London has set its sights on Islamic insurance to strengthen its push into emerging markets and is in talks with regulators to set up shop in Malaysia. The plans are part of the venerable London insurance market's strategy to expand in fast-growing regions where insurance penetration remains low. It has already opened an office in Dubai's financial free zone and is a founding member of the Islamic Insurance Association of London (IIAL) being launched this month. The body is designed to support participants that want to develop Islamic products while ensuring common principles are used. Lloyd's currently has nine managing agents in its Dubai office, with plans for as many as 12 firms by the end of the year.