Lloyd’s wants to attract more insurers to its London base while expanding its overseas hubs, particularly in Asia, as part of its Vision 2025 strategy.

“The essence of this strategy is to make sure that Lloyd’s becomes the true global hub for specialist insurance and reinsurance,” Chairman John Nelson said in London.

“We are the only physical insurance market in the world, but the majority of our business comes from the English-speaking world.”

Mr Nelson says the strategy aims to expand Lloyd’s and ensure premiums are in line with gross domestic product in the countries where it operates.

The strategy also aims for Lloyd’s to become more international with a greater financial contribution from the world’s growth areas. It will remain a brokers’ market – again with the emphasis on international networks.

Mr Nelson says the organisation plans to develop international hubs in certain overseas markets.

“The challenge we have is to grow the Lloyd’s footprint into the emerging-growth countries,” he said.

“We must internationalise the Lloyd’s underwriting market in people terms, simply because it will expand the network of trusted relationships on which the Lloyd’s market is based.”

Mr Nelson says Lloyd’s will build on its Singapore and Shanghai hubs, but it still wants to attract insurers to London.

“We will be managing the entrance of these new providers carefully and steadily – so don‘t expect to see any kind of rapid revolution,” he said.

“This will be about quiet and confident progress during the medium term to turn Lloyd’s from a powerful international business into the global centre.”