Lloyd's of London, a provider of insurance services, has revealed its plans to focus on improving its business in emerging markets in Asia, Latin America and the Gulf region, reported The Associated Press.

Peter Levene, chairman of Lloyd’s, said that the company has already building its business in China and other emerging markets in Asia. However, the company has been facing resistance to enter the Indian market although the local government has promised to remove the protectionism that has existed for long.

According to media reports, the company is yet to decide on a framework to develop its business in the Gulf region.

The balance of power in the world has truly shifted, and we have to rapidly wake up to that. We look forward to the day when we can play our part too in the development of the hugely successful Indian economy, Mr Levene was quoted as saying.