The British insurance network Lloyd’s plans to open shop in Morocco and Tanzania as it intends to expand its business across Africa, reported Moroccan newspaper L’Economiste citing one of the group’s officials.

“We are studying with the Casablanca Finance City a possibility to enter the market physically. From there we would have the chance to explore the whole of Africa,” Vincent Vandedael, Director global markets at Lloyd’s, told L’Economiste. “Besides Morocco, we are also discussing with Tanzania’s regulator as we see an opportunity there also,” he added.

In this regard, Vandendael indicated that installation in Morocco and Tanzania could take more time than expected due to features of Lloyd’s network.

“The process may seem long but once again, let me remind you that we are not a firm but a network comprising 56 insurers so taking a decision is not as easy as it would be for a firm. In India for example, laws had to be amended for Lloyd’s to be recognized as a market,” he said.

Lloyd's is 300-year old insurance market where insurers, individuals known as Names, and legal entities, gather to insure risks as a group.

Vandedael in fact indicated that his group could offer Africa new products. “Lloyd’s is mainly a re-insurer and in Africa, we could provide support to local insurers but also provide products to support the whole continent in its growth, the development of energy, both onshore and offshore, its maritime industry, aviation, transport, construction and agricultural insurances. The other kind of support we can provide concerns natural disasters and we detain a certain expertise in the area,” he said.