By Andrew Duguid
Huge losses practically destroyed Lloyd's, a respected British establishment, the world's biggest coverage marketplace. 10000 humans confronted massive own debts they idea profoundly unfair. They challenged a complacent establishment, forcing it to confront its greatest ever trouble. This publication tells what particularly occurred, from the inside.
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Additional info for On the Brink: How a Crisis Transformed Lloyd’s of London
To a complete outsider, these various groups – underwriters, brokers, managing agents, members’ agents, claims specialists, accountants, waiters, support staff and the Corporation employees – were all part of the ‘Lloyd’s Community’, a phrase that was often used when the speaker wanted to emphasise its unity of purpose. To a Name, who in his main life was far removed from the market, all of these people were loosely seen as ‘insiders’. But whether being extolled or criticised, the notion of a single community of insiders was an over-simplification.
He felt it unnecessary and could not spare the time. When Lloyd’s insisted, he suggested a Deputy Chairmen should visit him in the House of Commons instead. Lloyd’s would not depart from procedure. Jessell considers himself to have had a lucky escape. In December 1986, after much delay, Lloyd’s published Membership: The Issues,19 setting out the risks very explicitly. By then, the great boom in membership was nearly over. Years afterwards, insiders recalled the warnings given at Rota interviews as clear, solemn and unmistakable.
Protecting individuals and businesses from the effects of disaster, a modern economy could not function without it. To play this role, it must be reliable. Because an insurance failure can be so damaging, insurers are tightly controlled in most countries. It would be too easy for unscrupulous people to sell insurance – which is simply a promise to pay – and then fail to pay up. In Britain there have been few insurance failures; there have been hundreds in America, where the regulation of insurance is performed at the state, not the federal, level.
On the Brink: How a Crisis Transformed Lloyd’s of London by Andrew Duguid