Global Market of specialised insurance
What is Lloyd's of London ?
Lloyd’s is firstly a market, not a firm as could be imagined, and was created in 1688. Thus, it can be considered to be one of the founding fathers of modern insurance. It has weathered storms of all types, from the last naval battles of the 19th century to the San Francisco earthquake in 1906 and the 11 billion disbursed following the September 2001 attacks.
Lloyd’s was also the insurer of the Titanic and issued the first car insurance contract: an insurance contract for a “ship navigating on land”. Lloyd’s is the insurer in all special areas such as aerospace, cutting-edge technology, heavy industries and renewable energies, to only cite a few, and also offers coverage for specific, rather unusual risks such as insurance of famous voices or even the legs of actresses or athletes. Lloyd's underwrites specialised insurance covering risks anywhere in the world.
Lloyd’s market today is:
- Some fifty or so management agents
- Some ninety or so syndicates
- An unmatched concentration of talented specialists for designing insurance contracts
- Gross premiums totalling £25,283 billion (2014)
- About 3,900 coverholders, that is to say brokers mandated by Lloyd’s
- About 219 brokers
- Soon 330 years’ experience
- Active presence in more than 200 countries