ABSTRACT
Lloyd’s is one the most famous names in insurance; it is also an entirely unique organisation with no real comparators anywhere in the world. It is not and never has been an insurance company. It is a market place, some would say in the modern era a franchise, and although this would surprise many people, it has never itself offered insurance cover. What it does is provide the facilities, administration, regulatory structure and perhaps most importantly the brand that enables its member firms to offer insurance. Lloyd’s can be considered the insurance market in microcosm, embracing as it does so many aspects of general insurance under one roof. Many of the issues affecting the market as a whole are thrown into sharp focus when they affect Lloyd’s.
