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Epilogue—Lloyd’s Redivivus

In: Delusions of Competence

Author

Listed:
  • Robin Pearson

    (University of Hull)

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.

Suggested Citation

  • Robin Pearson, 2022. "Epilogue—Lloyd’s Redivivus," Palgrave Studies in Economic History, in: Delusions of Competence, chapter 0, pages 113-119, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-3-030-94088-1_10
    DOI: 10.1007/978-3-030-94088-1_10
    as

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