Property and casualty insurance companies that are operating outside the Lloyd’s of London market in the United Kingdom have brought in the equivalent of approximately 75 percent of the income of their more high-profile competitors, which is a notably larger amount than had been previously predicted. According to the first comprehensive survey of the sales of members of the International Underwriting Association (IUA), the insurers, known as the London company market, generated $26.6 billion (16.4 billion pounds) in gross premium income last year. On the other hand, last year, Lloyd’s…
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Insurance and business executives gather in New York City to examine the insurance industry
This week, leaders from the insurance, financial services, legal and media industries gathered in New York City for the annual New York City Dinner at the St. Regis Hotel. The dinner serves a form of intimate conference catering to the executives that run the numerous industries. This year, the event held particular meaning as the leaders of the two most influential and successful insurance corporations spoke about the state of the world’s insurance industry. Lloyd’s of London CEO Lord Pete Levene was joined by Brian Duperreault, CEO of Marsh &…
Read MoreEmerging markets show promise, according to Lloyd’s
Lloyd’s has been making a significant effort to improve access to overseas markets after seeing promising opportunities for international trade among emerging economies. Though Lloyd’s has been very active in this pursuit, it also published an article on its own website which requested improved cooperation among the participants in the markets, itself, and the managers within its own country, which would allow for further improvements to the current opportunities. It was acknowledged by Lloyd’s that regardless of the financial crisis worldwide, a number of emerging markets within Latin America and…
Read MoreLloyd’s of London specifies cyber crime as a major insurance issue
Cyber crime is an issue of immense concern according to Lloyd’s of London, one of the world’s leading insurance and reinsurance providers. Risk modeling firms are becoming more concerned over what they are calling “the huge potential cost of data loss.” In the wake of the attack against Sony Online Entertainment, in which hackers made away with the financial data of more than 100 million user accounts, those concerns seem to be warranted. A study from the Ponemon Institute found that in 2010, the cost of data breach rose for…
Read MoreMichael Jackson concert insurers ask judge to void policy
The insurers of the intended comeback “This Is It” tour concerts by Michael Jackson have asked an L.A. judge to invalidate concert promoters’ policy for non-appearance. They claim that they should not have to honor the policy as they had not been advised that the now deceased pop star was taking drugs at the time, “including, but not limited to, his apparent prescription drug use and/or drug addiction,” as well as the anesthetic, propofol, which has been blamed for Jackson’s death. Lloyd’s of London underwriters have also sued Jackson’s company…
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