Lloyd's, of London, should spend more time in the United States and less to plant flags in emerging economies, said the chairman of the body that represents insurers in the market.
In recent years, Lloyd's has opened new offices in Mexico City, Bogotá, Dubai, Casablanca and Mumbai in order to win more business.
But Andrew Brooks, new president of the Lloyd's Market Association, said he should deploy greater efforts in the United States.
"By focusing so heavily on these developing countries, we have lost our potential in our key market in North America," he told the Financial Times.
The United States is the largest insurance market in the world and North America already provides half of Lloyd's premiums.
Brooks, who is also director of Ascot, a Lloyd's insurer, believes it is possible to further develop the business through innovation. "If we could work on new technologies and spend a lot of time developing products for North America, that would be great. Then you can see how the strategy can be used in Asia, "he said.
He believes that the policy of opening up new offices in emerging markets may have gone too far. "Obtaining licenses in new markets is important, but you do not necessarily need a physical presence," he said, adding that it was difficult for the type of specialized blankets sold at Lloyd's to penetrate. markets where insurance was still in its infancy.
However, the idea that Lloyd's needs a large licensing network that its insurers can use is welcome.
"Building and maintaining a licensing network is becoming increasingly important," said Bronek Masojada, general manager of Hiscox. "For example, we do not intend to go to Lloyd's in China, but I fully support. If we want to go to China, we can use Lloyd's license. "
Mr Masojada believes that Lloyd's should also look to other markets, such as Nigeria. "In a few years, Nigeria will be one of the largest economies in the world," he said.
A spokesman for Lloyd's said: "While emerging markets are a priority for Lloyd's, with growing platforms in countries such as India, Dubai and China, Lloyd's is now exploring how to use the platforms. digital forms to reach customers overseas faster and more efficiently than ever before.
Brooks' comments come just three months after Lloyd's new chief executive, John Neal, to take place. Neal has so far made few comments about his strategy, but the market hopes he will stabilize Lloyd's after a few difficult years, marked by concerns about its profitability.
Mr. Brooks also argued that Lloyd's insurers – which are organized into 84 unions – could further cooperate to better compete with major competitors.
In particular, he sees the possibility for Lloyd's insurers to come together to organize what are called facilities that would rival those offered by insurance brokers. the brokers Group a large number of customers to purchase insurance as a unit rather than shopping for each of them in the market.
"We should be able to come together to create our own facilities and pool talents and technologies," Brooks said.