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…
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Lloyd’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…
Read MoreTensions mount between brokers and underwriters
The chief executive of Catlin Group spoke at a London conference earlier this week. The conference was sponsored by Insurance Day. In London, the brokers and the underwriters they work with have been in a dispute over payments and what some consider, ‘contingent commissions’. Contingent commission is a term to describe payment to an insurance intermediary by the insurer or underwriter based on the profitability (or lower than average loss) of the business the intermediary placed with them. This practice was addressed in the U.S. several years ago; After a…
Read MoreOne of the most unusual and high risk travel insurance policies written
When a young, 25 year old English woman started making plans to travel around the world, she went to Lloyd’s (of London) for her insurance policy. Lloyd’s was established in 1774, and has insured thousands of people; writing some very unusual and notable policies. However, Sarah Outen was one of the most difficult individual policies they had taken to task in more than twenty five years. Lloyd’s has insured some very famous people, and their body parts. For example, Bruce Springsteen and Celine Dion have insured their vocal cords, Tina…
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