Lloyd’s has released new research on key developments within Asia, earmarking four growth opportunities – marine cargo, product liability, directors’ and officers’ (D&O) and professional indemnity (PI). And the market also sees considerable growth opportunities for brokers.

Its key findings include marine cargo that is forecast to break the $1 billion barrier, with the research predicting growth of 23%. That means regional premium growth would increase from an estimated $US940 million ($1.25 billion) to $US1.15 billion ($1.54 billion) by 2007.

Product liability in Asia is expected to grow by 27% which would see premium growth increase to more than $US250 million ($335 million).

The research also showed premiums from D&O and PI will be worth almost $US400 million ($536 million) by 2007.

Lloyd’s also says demand for insurance brokers in the region is set for a significant increase in the next two years. “Almost a third of insurance companies seeking reinsurance and a fifth of insurance buyers in Asia expect to increase their use of brokers by the end of 2007.”