Lloyd's of London, the world's oldest insurer of seafaring vessels, is...
LONDON - Lloyd’s of London, the world’s oldest insurer of seafaring vessels, is facing its own perfect storm. Old-fashioned business practices, exposure to natural disasters, competition from rival centers and Brexit are all threatening Lloyd’s reputation as the place to insure anything from ships to sculptures to soccer stars’ legs.
But in a market where shipwrecks are still recorded by some insurers with a quill and paperwork is lugged around Lloyd’s futuristic 14-storey building in slipcases, some brokers and underwriters are resisting innovation. “Lloyd’s has to change, it’s like an old man dancing - a bit awkward and embarrassing,” said one insurance company chief executive, who declined to be named. “We do not have a great track record in modernization.
Once mostly wealthy individuals, members now include small underwriters and listed firms such as Beazley and Hiscox, as well as global insurers specializing in business lines such as shipping, aviation and property. The problem for Lloyd’s is that while it still has global cachet and a strong A credit rating, investors from hedge funds to private equity firms looking for higher yields are piling into rival centers such as Bermuda, New York and Singapore.
Hiscox has also embraced technological change but Lloyd’s has struggled to persuade some underwriters and brokers to adopt an electronic processing platform launched in July 2016. While some say the system is easy to use, others complain it is unwieldy and creates, rather than reduces, workload. Former Lloyd’s CEO Inga Beale made it compulsory last year for syndicates to shift their business to the platform because underwriters had moved only 10 percent voluntarily.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Climate activists stage protest in central LondonLONDON, ENGLAND - Police are expected to arrest climate activists protesting in central London.
Read more »
Climate activists stage protest in central LondonBURBANK, CALIFORNIA, UNITED STATES – U.S. House Intelligence Committee Chairman Representative Adam Schiff (D-CA) holds a news conference to discuss the redacted release of Special Counsel Robert Mueller’s report.
Read more »
Climate protesters march in London again; arrests hit 710London police say more than 710 people have been arrested and some 28 have been charged since climate change protests began earlier this week in the British capital.
Read more »
UK police remove climate protesters from key London sitePolice in London succeeded Saturday afternoon in removing climate activists occupying Oxford Circus so that the busy junction in the city's West End could be reopened
Read more »
Swedish teen climate activist joins London protest as arrests top 830Swedish teenage environmental activist Greta Thunberg on Sunday urged hundreds of climate-change protesters in London to never give up their campaign to save the planet as police arrests over disruptions to the city's landmarks rose above 830. Climate group Extinction Rebellion has targeted sites
Read more »
Swedish teen climate activist joins London protest as arrests top 830Swedish teenage environmental activist Greta Thunberg on Sunday urged hundreds o...
Read more »
Emma Thompson, weeping teenagers join peaceful climate protest in LondonFilm star Emma Thompson joined climate change activists in central London on Fri...
Read more »
Arrests at London climate-change protests top 1,000The number of environmental campaigners arrested during eight days of direct act...
Read more »
Exclusive: British Telecom's Italian job had London roots, say investigatorsA criminal investigation into accounting fraud inside British Telecom's Ita...
Read more »
‘Prepare the Trump baby’ - Britons prepare for Trump’s visitThe White House says Trump will make a state visit to the UK in June. A previous visit by the US president was greeted with huge protests and a giant balloon depicting him as a crying baby.
Read more »