Underwriting business of Lloyd's insurance company

As early as Lloyd's Cafe, Lloyd's was famous for its marine insurance business. 187 1 year, the British parliament passed a bill to formally recognize Lloyd's as a legal person organization and restrict its members from specializing in marine insurance business. By 19 1 1, the British Parliament had lifted the restrictions on the business scope of Lloyd's. At present, the underwriting business of Lloyd's members can be roughly divided into four categories, namely, water insurance, non-water insurance, aviation and automobile insurance. Automobile insurance accounts for about 17% of Lloyd's business. Many other auto insurances require that the insured cars should be standardized, but Lloyd's auto insurance company is willing to underwrite non-standardized high-value cars, even if it is such a small insurance subject matter as electric bicycles. As a result, Lloyd's became famous in the field of auto insurance, and the seven largest automakers in the world bought insurance at Lloyd's.

Since 1990s, due to the intensification of competition in the world insurance market and the influence of Lloyd's own management mode, Lloyd's has been in trouble. 1992 has a huge operating loss. Starting from 1993, Lloyd's vigorously carried out reforms and implemented the "Reconstruction and Renewal Plan". A remarkable measure of reform is to introduce enterprise members to join Lloyd's and allow enterprise capital to enter Lloyd's, breaking the traditional practice that Lloyd's members only allow natural persons. Company members of Lloyd's assume limited liability. Since June 1 994 65438+1October1was admitted by Lloyd's, the number of company members and underwriting capacity have increased year after year. By the end of 1999, there were 885 company members, with an underwriting capacity of1300 million, accounting for 80% of Lloyd's1630 million. Company members should pay 50% or more commercial insurance premiums to Lloyd's, with a minimum guarantee of not less than 800,000 US dollars, which is much higher than the requirements of individual members of 25% and 30%. Lloyd's is still planning more reform plans, including breaking the traditional practice of only accepting Lloyd's brokers to solicit business and trying to obtain business directly from other insurance brokerage companies in the world.

1997, Standard & Poor's, a world-renowned evaluation agency, published the ranking statistics of "the world's largest commercial insurance company" including Lloyd's, because they believed that Lloyd's was a global operator in many projects, and the market rating disclosed for the first time was A+. Lloyd's ranked second in the world in net non-life insurance premium income, with a net non-life insurance premium income of $654.38+00.866 billion, second only to Tokyo Marine Fire Insurance Co., Ltd. However, in the past 30 years, Lloyd's was in trouble due to huge claims for asbestos and pollution liability. Although the reform measures of "Reconstruction and Renewal Plan" have made some achievements, they are still not satisfactory. Insurance giants are facing enormous internal and external pressures.