London is the biggest global commercial and specialty risk market. Many buyers come here because domestic insurers will not to accept their risks as they are unique or unusual. For others the London Market can offer a better price and/or better terms.
London earns 15% of its income from the excess & surplus lines market in the US. Our unrivalled breadth of expertise means that London can insure the widest range of risk, from the smallest to the largest, and from the most standard to the most specialist and complex. Our appetite for a challenge and track-record in innovation is well known.
*Global market share and other data is derived from the London Matters reports.
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London makes it possible for vital services to be restored after a natural catastrophe.
When the Caribbean was hit by hurricanes in the summer of 2017, widespread damage was inflicted on hospitals, hotels, supermarkets and other major resources. In response, the London Market went the extra mile to provide funds and support for vital services.
Claims teams in London tracked the storms from formation, and put in place plans to respond swiftly and provide rapid advance payments as well as service and support. With power loss a widespread issue, planes were chartered to fly in generators and fuel. Satellite phones were sourced to guarantee communications and, in one exceptional case, an adjuster hired a catamaran and sailed through the storms to reach an insured and begin assessing their claim. In spite of difficulty of access, lack of power and infrastructure, London made multi-million dollar payments to a huge number of insureds within days.
More than 65 Company Market insurers and reinsurers, and 91 Lloyd’s syndicates managed by 56 managing agents, provide re/insurance solutions in the London insurance market. Clients typically access the market via insurance brokers, who act as an intermediary between the policyholders and the underwriting businesses. There are over 200 brokers active in the London insurance market.
All market participants are represented by the associations listed below.
is the trade association representing the interests of Lloyd’s insurance and reinsurance brokers operating in the London and international markets.www.liiba.co.uk
represents the interests of the Lloyd’s community, providing professional and technical support to our members.www.lmalloyds.com
is the focal representative and market organisation for non-Lloyd’s international and wholesale insurance and reinsurance companies operating in the London Market.www.iua.co.uk
Lloyd’s is the world’s leading insurance and reinsurance marketplace. Through the collective intelligence and risk-sharing expertise of the market’s underwriters and brokers, Lloyd’s helps to create a braver world.
The Lloyd’s market provides the leadership and insight to anticipate and understand risk, and the knowledge to develop relevant, new and innovative forms of insurance for customers globally.
It offers the efficiencies of shared resources and services in a marketplace that covers and shares risks from more than 200 territories, in any industry, at any scale.
And it promises a trusted, enduring partnership built on the confidence that Lloyd’s protects what matters most: helping people, businesses and communities to recover in times of need.
Lloyd’s began with a few courageous entrepreneurs in a coffeeshop. Three centuries later, the Lloyd’s market continues that proud tradition, sharing risk in order to protect, build resilience and inspire courage everywhere.www.lloyds.com