Lloyd’s of London calls the insurance industry to action on climate change

Lloyd’s insurance claims - Home office building
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Climate change may need more attention from the insurance industry Lloyd’s of London, one of the largest insurance companies in the world, has released a new report titled “Catastrophe Modeling and Climate Change.” The issue of climate change has been steeped in controversy for some time. There are those that suggest that climate change is little more than an exaggeration of a natural process that has been occurring for millennia. Others suggest that if climate change continues to occur unabated, the human species may be faced with the very real…

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Flood insurance rates in Florida significantly reduced by Lloyd’s of London

Flood homeowners Insurance Program

The massive marketplace is now showing quotes that are notably lower than NFIP. In recent news that is quite different from what Florida is used to hearing, it could be that flood insurance rates are actually falling and becoming more affordable, as private insurers start to make their way into this marketplace. Consumers who have been shocked by the increases by NFIP are finding relief in new quotes. The National Flood insurance Program (NFIP), which is a part of FEMA, is now quoting rates that are significantly higher than what…

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Insurance battle involving Michael Jackson’s family has finally settled

Michael Jackson insurance news

The long running claim has now reached a settlement with Lloyds of London. Michael Jackson’s family has been wrapped up in an insurance battle since 2011, and has now reportedly come to a settlement with Lloyds of London for a figure that was lower than the $17.5 million that was expected from the estate of the King of Pop. Reports of this recent news have started coming in to suggest that the battle has finally come to a close. The insurance case started when Lloyds of London attempted to nullify…

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Insurance news made by 325th birthday of Lloyd’s

Lloyd's of London insurance news 325 birthday

As a part of its celebrations of this milestone year, it has been publishing a number of online materials. The world renowned marketplace, Lloyd’s of London is making insurance news as it celebrates its 325th birthday this year and, as a part of its recognition of that milestone, it is making a large amount of different materials available online to understand its history and legacy. The company found its beginnings as a simple coffee shop owned by one man, and rapidly expanded. According to the Lloyd’s website, which is receiving…

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Insurance news made by Mayor of London

insurance news

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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Insurance news confession by Lloyds reveals surprising flaws

Lloyds insurance news scandal

The company has revealed considerable failures in terms of the way that complaints have been dealt with. A recent insurance news release from Lloyds Banking Group has revealed that it has brought a contract with Deloitte to an end after issues were revealed in the way that the business services firm’s call center had been handling the complaints that were being made by customers regarding the loan policies that had been mis-sold. This announcement was made following another that showed that the contracted phone agents were taught inappropriate procedures. The…

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Lloyd’s estimates risks solar storms pose to insurance industry

Insurance Industry News - Solar Flare

Insurance industry may not be suited for powerful solar storms Lloyd’s of London has released a new report concerning the emerging risks associated with powerful solar storms. A solar storm is produced by solar flares and coronal mass ejections that are directed in the general location of the planet. Typically, such events present no significant threat to the world as they are relatively rare and not directly targeted at earth. According to Lloyd’s, however, a direct hit from such an event could have cataclysmic consequences, especially for the insurance industry.…

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