Principles of Insurance
Page 1: Insurance
Page 2: Lloyds contribution
Lloyd's of London (also known simply as Lloyd's) is an insurance market located in London's primary financial district, the City of London. It serves as a partially mutualised marketplace where multiple financial backers, known as underwriters, or "members", both individuals (traditionally known as "Names") and corporations, come together to pool and spread risk.
Page 3: Unlike most of its competitors in the industry, it is not a company but it is a corporate body governed by the Lloyd's Act of 1871 and subsequent Acts of the Parliament of the United Kingdom.
In 2011, over £23.44 billion of gross premiums were transacted in the Lloyd's market and in the aggregate it made a pre-tax loss of £516 million, driven by a number of significant natural disasters which gave rise to the highest ever annual level of claims for Lloyd's.[2] In 2012, Lloyd's made a pre-tax profit of £2.77 billion on a record £25.50 billion of gross written premiums.
Formation
The market began in Lloyd's Coffee House, opened by Edward Lloyd in around 1688 on Tower Street in the historic City of London. This establishment was a popular place for sailors, merchants, and ship owners, and Lloyd catered to them with reliable shipping news. The shipping industry community frequented the place to discuss deals among themselves, including insurance. Just after Christmas 1691, the shop relocated to Lombard Street (a blue plaque commemorates this location). This arrangement carried on until 1774, long after Lloyd's death in 1713, when the participating members of the insurance arrangement formed a committee and moved to the Royal Exchange on Cornhill as The Society of Lloyd's.
Page 4:
First Lloyd's Act
The Royal Exchange was destroyed by fire in 1838 and, although the building was rebuilt by 1844, many of Lloyd's early records were lost. In 1871, the first Lloyd's Act was passed in Parliament which gave the business a sound legal footing. The Lloyd's
Page 2: Lloyds contribution
Lloyd's of London (also known simply as Lloyd's) is an insurance market located in London's primary financial district, the City of London. It serves as a partially mutualised marketplace where multiple financial backers, known as underwriters, or "members", both individuals (traditionally known as "Names") and corporations, come together to pool and spread risk.
Page 3: Unlike most of its competitors in the industry, it is not a company but it is a corporate body governed by the Lloyd's Act of 1871 and subsequent Acts of the Parliament of the United Kingdom.
In 2011, over £23.44 billion of gross premiums were transacted in the Lloyd's market and in the aggregate it made a pre-tax loss of £516 million, driven by a number of significant natural disasters which gave rise to the highest ever annual level of claims for Lloyd's.[2] In 2012, Lloyd's made a pre-tax profit of £2.77 billion on a record £25.50 billion of gross written premiums.
Formation
The market began in Lloyd's Coffee House, opened by Edward Lloyd in around 1688 on Tower Street in the historic City of London. This establishment was a popular place for sailors, merchants, and ship owners, and Lloyd catered to them with reliable shipping news. The shipping industry community frequented the place to discuss deals among themselves, including insurance. Just after Christmas 1691, the shop relocated to Lombard Street (a blue plaque commemorates this location). This arrangement carried on until 1774, long after Lloyd's death in 1713, when the participating members of the insurance arrangement formed a committee and moved to the Royal Exchange on Cornhill as The Society of Lloyd's.
Page 4:
First Lloyd's Act
The Royal Exchange was destroyed by fire in 1838 and, although the building was rebuilt by 1844, many of Lloyd's early records were lost. In 1871, the first Lloyd's Act was passed in Parliament which gave the business a sound legal footing. The Lloyd's