Epilogue—Lloyd’s Redivivus

Robin Pearson ()
Additional contact information
Robin Pearson: University of Hull

Chapter Chapter 10 in Delusions of Competence, 2022, pp 113-119 from Palgrave Macmillan

Abstract: Abstract Before issues arising from the run-off of outstanding liabilities and the impact of corporate membership were fully resolved, Lloyd’s suffered further heavy catastrophe losses between 1998 and 2001. Nevertheless, replenished with a growing volume of corporate capital, Lloyd’s survived this challenging period and entered a long run of sustained profitability. In 2001, the Financial Services Authority finally became responsible for regulating Lloyd’s, reversing the Conservative government’s decision of 1986 to preserve self-regulation. More important than external regulation were other drivers of transformation. These were, first, market forces, as well as the impact of climate change, compelling Lloyd’s to adopt more scientific methods of risk assessment in order to remain competitive. Second, a new generation of leaders pushed through key institutional reforms that re-envisaged Lloyd’s as a franchisor, as a service platform for the insurance industry and as a modern corporate citizen.

Keywords: Catastrophe losses; Financial regulation; Risk management; Corporate citizenship; Governance reforms (search for similar items in EconPapers)
Date: 2022
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palscp:978-3-030-94088-1_10

Ordering information: This item can be ordered from
http://www.palgrave.com/9783030940881

DOI: 10.1007/978-3-030-94088-1_10

Access Statistics for this chapter

More chapters in Palgrave Studies in Economic History from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().