UK insurance market could lose Lloyd’s staff following Brexit

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Top boss at the massive marketplace has revealed that operations may leave the country. The UK insurance market may not remain the most important one in the world due to the Brexit vote. Chairman of Lloyd’s of London, John Nelson, cautioned that the marketplace may be required to move some of its business over to continental Europe. That could mean a loss of a large chunk of the staff currently located in the United Kingdom. In fact, Lloyd’s insurance operations may be on their way out of the country even…

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Insurance news made by Mayor of London

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Boris Johnson made a speech in which he identified the industry as “crucial” to the U.K. economy. The Mayor of London, Boris Johnson, spoke in front of an audience primarily made up of Lloyd’s market participants and made insurance news by underscoring the critical role that is played by the market in the economy of London. He also pointed out that there is a need to boost international investment in the city. Johnson spoke within the historic Underwriting Room alongside John Nelson, the chairman of Lloyd’s. Together, the insurance news…

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3 Types of Corporate Insurance You Must Have to Stay Protected

Businesses engage in inherently risky behaviour. It’s impossible to guess at how the consumers might react to a corporation’s actions. If your company gets sued, you’ll want the right type of insurance cover. Likewise, if something happens to key employees within your operation, you’ll want insurance coverage that protects your business and keeps the doors open. General Liability Cover Every business has at least some need for general liability coverage – assuming that customers come to your place of business. General liability covers you if someone is injured on your…

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Insurance news from Lloyds shows that mis-sold loan policies will cost $1.6 billion more

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The scandal will now have cost the company approximately £5.3 billion. Lloyds Banking Group has just released their latest insurance news statement regarding the mis-sold loan policy compensation, which now involves an additional $1.6 billion (£1 billion), bringing the total amount of these payouts up to £5.3 billion, which has yanked its numbers downwards to result in a third quarter loss. However, the largest retail bank in the U.K. is still optimistic and is encouraging customers to remain that way. Lloyds has released a positive message regarding the decreasing losses…

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Lloyd’s of London advises higher insurance rates

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Lloyd’s of London responds to troubling signs in insurance industry Lloyd’s of London, one of the world’s largest insurance organizations, has been seeing troubling signs in the casualty and aviation sectors. The insurer, which provides coverage for just about everything, believes that premiums in these sectors are too low for insurance companies to be considered stable. Lloyd’s CEO Richard Ward recently appeared on Bloomberg Television, wherein he spoke about the premium problems and how they can be solved through the increase of insurance rates. Insurer advises higher rates for companies…

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Climate change highlighted as extreme concern by Lloyd’s of London

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Insurance organization attends Rio+20 to note the threat of climate change The global insurance industry is beginning to take climate change more seriously. As large insurance corporations begin to see the effects of a changing climate taking place, they are looking to draw more attention to the possible consequences of slow action to mitigate the phenomenon. Lloyd’s of London, one of the world’s largest insurance organizations, attended this year’s Rio+20 conference. The conference, hosted by the United Nations, sought to promote cooperation amongst world leaders for the sake of sustainability…

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Lloyd’s of London highlights reputational risk and regulation as top concerns for insurers

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Survey suggests insurers are vexed by increasing risks Lloyd’s of London, one of the world’s largest providers of insurance and reinsurance, has released the results of its latest survey concerning the global insurance industry. The survey indicates that many of the world’s leading insurance executives are becoming increasing concerned with reputational risk and insurance regulations. These concerns are spurring new actions from insurance companies, including the offering of new policies and, in some cases, the abandonment of some markets or refusal to provide coverage to controversial organizations. Stricter regulations pose…

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India seeks alternatives to European maritime insurers as EU sanctions on Iran loom

As the European Union prepares to impose sanctions on Iran and breaks its trade agreement with the nation, the maritime insurance industry is facing a bleak and complicated future. Insurers will not be the only ones to suffer from the move, however, as countries that depend on oil from the Middle East will also feel the impact of the action. Even countries that do not rely on Iranian oil are claiming that the EU’s actions will have a major effect on their economies. Such is the case in India, where…

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Federal judge declares al-Qaida owes $9.3 billion for damages done in 9/11 attacks

Nearly one month ago, Lloyd’s of London, one of the largest insurance organizations in the world, levied allegations against prominent figures and organizations in Saudi Arabia regarding the September 11 attacks in the U.S. The insurer sought to recover money from the event, an initiative that was met with staunch opposition from the United Nations and other groups. The controversy surrounding the issue ultimately pressured Lloyd’s to discontinue its efforts. This, however, was not the end of the matter for the U.S., as a magistrate judge in New York took…

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Lloyd’s of London files suit against prominent organizations in Saudi Arabia holding them responsible for 9/11 attacks

The attacks against the U.S. on September 11, 2001, have had a profound impact on nearly every aspect of life throughout the whole of the world. Terrorism is now a word that nearly everyone knows, a word that invokes varying degrees of discomfort for those that hear it. While many caught in the attacks have finally begun to put the broken pieces of their lives back together, Lloyd’s of London, one of the largest insurance companies in the world, has filed a federal lawsuit against those it believes are responsible…

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