Lockton on Monday, Jan 22, announced its entry into the Indian market, alongside the appointment of Sandeep Dadia as CEO for its India operations, pending regulatory approval.
Dadia brings over two decades of industry experience to the Lockton Asia leadership team. He has successfully led four startups and his prior roles include leadership positions at Enam Insurance Brokers, TTK Healthcare Services, and Aditya Birla Insurance Brokers.
He has also served on the Board for the Insurance Broker Association, convener of the Broking in Confederation of Indian Industry (CII), and has been part of the advisory committee for the Insurance Regulatory and Development Authority of India (IRDAI).
Warren MerrittAsia CEO of Lockton
India’s insurance market is growing rapidly, with the country set to reach sixth in global premium market share by 2033. Yet its protection gap remains sizeable, with the government and IRDAI trying to foster protection and insurance growth through its ambitious ‘Insurance for all by 2047’ strategy.
Warren Merritt, Asia CEO of Lockton, spoke on the opportunity: “Lockton’s largest investment in the Asia region reflects our dedication to fostering economic growth and creating new opportunities for the local community.” He added, “We are excited to have Sandeep lead the organization in India, bringing his expertise and knowledge of the insurance sector.
Dadia’s goal is to make Lockton one of the top international brokers in India and he expressed excitement at the challenge ahead.
“I am elated to join and lead Lockton’s vision to meet the growing demand for risk consulting and management services in India. Lockton is committed to being a strategic partner, ensuring that our risk management solutions contribute to our clients’ success,” he said.
Lockton has over 135 offices worldwide, and its entry into the Indian market signals further significant investment in Asia, as the independently owned broker aims to contribute to economic growth and the development of the local insurance industry throughout the region.