Lloyd's and the London Insurance Market
Today, Lloyd's and the London insurance market is made up of over 600+ insurers, brokers, managing agents and service companies, employing over 150,000 people. Many of these firms are based in and around Lloyd's HQ in Lime Street, London EC3.
The Lloyd's market covers some of the world's largest, most individual and complicated risks. From oil rigs, buildings and bridges to celebrity body parts, from global banks, ships, airlines, space craft and sporting events to millions of people at home and at work.
Lloyd's conducts business in over 200 countries and territories worldwide and is often the first to insure new, unusual or complex risks. Lloyd's and its affiliate companies bring together an outstanding concentration of specialist expertise and talent, backed by excellent financial ratings which cover the whole market. Lloyd's provides cover for 96% of FTSE and 87% of Dow Jones industrial average companies. In addition, 12 of the world's top pharmaceutical companies and 62 of the world's top banks are covered at Lloyd's.
Lloyd's conducts business in over 200 countries and territories worldwide and is often the first to insure new, unusual or complex risks.
The origins of Lloyd's market dates back to the 1690s, when Edward Lloyd kept a Coffee House in Tower Street. He attracted merchants and ship-owners to his premises by posting up the latest shipping information. From which he began publishing Lloyd's News in 1696, therefore establishing London's first daily newspaper.
In 1771 a group of Lloyd's customers formed their own association of underwriters and took rooms at the Royal Exchange. Lloyd's remained at the building for the next 150 years. After a fire in 1838 Lloyd's moved premises to South Sea House near to the Bank of England in Threadneedle Street. In 1871 Lloyd's was incorporated by Parliament for the "promotion of marine insurance and the diffusion of shipping intelligence".
The London insurance market is a distinct, separate part of the UK industry centred on the City of London. Its core activity is the conduct of internationally traded insurance mostly non-life (general) insurance and reinsurance, with an increasing emphasis on high-exposure risks.
Reflecting the City's status as a dominant international financial centre, the London market's character is global, with a large number of foreign or foreign owned underwriting companies.
It is the only market in which all of the world's 20 largest re-insurance groups are represented. The number, diversity and expertise of insurers, brokers, managing agents, underwriters and consultants in the London market is reflected in the dynamic lifestyles, interests and networking of London' insurance professionals.