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Expansion, Scandals and Frauds—Lloyd’s in the 1970s

In: Delusions of Competence

Author

Listed:
  • Robin Pearson

    (University of Hull)

Abstract

By the late 1960s, the growth in large risks such as super-tankers and losses from natural disasters led to calls to increase the underwriting capacity of the Lloyd’s market. As the traditional entry restrictions were removed, ever larger numbers joined Lloyd’s, attracted by years of sustained profits and by the tax advantages associated with membership. This rapid expansion brought a number of new challenges, including pressure for greater representation of non-working members on the Committee of Lloyd’s. While new members flooded into Lloyd’s, the market began to suffer an unprecedented series of frauds, scandals and accusations of negligent underwriting. These problems pushed the Committee, reluctantly, into ever more supervisory and disciplinary acts of intervention to sustain the reputation of the market and protect the principle of self-governance from those who were calling for greater external scrutiny of Lloyd’s practices.

Suggested Citation

  • Robin Pearson, 2022. "Expansion, Scandals and Frauds—Lloyd’s in the 1970s," Palgrave Studies in Economic History, in: Delusions of Competence, chapter 0, pages 33-40, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-3-030-94088-1_4
    DOI: 10.1007/978-3-030-94088-1_4
    as

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