london Insurance Market
First things first – welcome to LondonInsuranceMarket.com. We are here to keep you updated with the latest in, what is popularly known as, the home of Insurance. It’s one of the world’s largest and ancient market; going back to more than 3 centuries old! London is home to some of the biggest insurance companies, underwriters and brokers; and also the Lloyd’s of London – which contrary to popular understanding is not a company.
The origins of the London Insurance market and that of Lloyd’s of London can be traced back to 1688 when Edward Lloyd’s coffee house was a popular place for sailors, merchants & ship-owners. The shipping industry community frequented the place discuss insurance amongst themselves.
The London Insurance market works a lot differently that any other insurance market in the world. A lot of that is to do with tradition not uncommon in the British world of things. However, the last couple of years have seen the ‘ancient’ market embrace some of the latest developments to make London as the Market of Choice.
The London market has a good technical background supporting the broker/underwriter relationships. Traditionally, the London Insurance Market is a lot about face-to-face business. However, in the recent past, it has seen the introduction of Electronic Claims to ensure speedy agreement of claims.
With regulation & transparency at an all-time high, it won’t be long before the London Insurance market regains some of the glory it has lost.