لويز أوف لندن هو سوق تأمين وإعادة تأمين رائد يقع في لندن، ويعتبر أحد أبرز المراكز المالية في العالم. تأسس في عام 1688، ويجمع بين العديد من شركات التأمين والتجار والوسطاء، مما يتيح لهم تبادل المخاطر وتقديم الحماية التأمينية في مختلف المجالات مثل التأمين البحري، والتأمين على الحياة، والتأمين على الممتلكات، والمزيد. يُعرف لويدز بنظامه الفريد من حيث الرعاية الجماعية والمشاركة في المخاطر، حيث يساهم الأعضاء بشكل فردي في كل بوليصة تأمين.

Lloyd’s of London is a marketplace where insurance brokers and underwriters come together to buy and sell insurance. It is not an insurance company but a meeting place where insurance brokers purchase insurance on behalf of their clients from underwriters.

How does Lloyd’s of London work?

Lloyd’s of London is a specialized insurance and reinsurance marketplace. It is a place where insurance brokers and underwriters buy and sell various types of insurance. Lloyd’s is known for its innovation and willingness to insure unusual risks. If your company faces unconventional or hazardous risks that traditional underwriters won’t cover, Lloyd’s can be a valuable source of coverage. The Lloyd’s Corporation oversees the Lloyd’s market. Among other things, the Corporation provides the building in which Lloyd’s operates, monitors the financial strength of the groups, and ensures the safety of the market.

Key participants in Lloyd’s of London

Although Lloyd’s has imposed some restrictions due to the COVID-19 pandemic, business in the market continues to be conducted primarily face-to-face. The key participants in the market include five main parties: syndicates, managing agents, insurance brokers, underwriters, and insurance buyers.

Syndicates

Syndicates are the backbone of the Lloyd’s market. A syndicate operates like a small insurance company, taking on risks and paying claims. Each syndicate consists of one or more members, who may be individuals or companies. Members provide the financial capital that enables the syndicate to operate. Each syndicate specializes in certain types of insurance. For example, one syndicate may focus on commercial property insurance, while another covers general liability and commercial auto liability.

Managing agents

Managing agents work on behalf of the syndicates, overseeing their daily business affairs. They employ and supervise underwriters, claims handlers, accountants, and other key staff. A managing agent may oversee more than one syndicate. In some cases, the managing agent may be the same company that provides capital to the syndicate. Managing agents choose and supervise the underwriters.

Insurance brokers

Insurance brokers act as intermediaries between insurance buyers and syndicates. Brokers must be registered with the Lloyd’s Corporation to conduct business in the Lloyd’s market. A list of registered insurance brokers is available in Lloyd’s electronic market directory.

Underwriters

Although most of the business insured by syndicates comes from insurance brokers, some comes from underwriters directly. An underwriter insures risks on behalf of a managing agent under the authority granted by the agent. Some underwriters may be authorized to issue documents such as insurance cards and certificates. They may also have the authority to collect premiums and settle claims.

Insurance buyers

Most small business owners can obtain all the coverage they need from “normal insurers.” However, if your company faces unusual risks, your agent or broker may be unable to insure you in the standard market. In such cases, they may contact either a Lloyd’s broker or a surplus lines broker who has access to the Lloyd’s market. Your local agent will then negotiate with a Lloyd’s broker or a surplus lines broker to obtain insurance on your behalf.

Frequently Asked Questions (FAQs)

Is Lloyd’s of London the largest insurance company?

Lloyd’s of London is not an insurance company but a marketplace where buyers and sellers come together to conduct business. The market generates a massive volume of business. In 2021, the Lloyd’s market generated £35.5 billion (approximately $42 billion) in gross written premiums and paid £145 billion (approximately $171.5 billion) in claims.

What

What is sold at Lloyd’s of London?

Lloyd’s started as a market for buying and selling insurance for goods, but it now offers over 60 types of insurance and reinsurance. Insurance brokers can purchase standard coverages such as property insurance and liability, as well as specialized coverages like aviation insurance and political risks. Lloyd’s can insure almost any type of business, whether it’s a startup, a government entity, or a multinational corporation.

Source: https://www.thebalancemoney.com/what-is-lloyd-s-of-london-462564