Lloyd's of London, the world's oldest insurer of seafaring vessels, is...
LONDON - Lloyd’s of London, the world’s oldest insurer of seafaring vessels, is facing its own perfect storm. Old-fashioned business practices, exposure to natural disasters, competition from rival centers and Brexit are all threatening Lloyd’s reputation as the place to insure anything from ships to sculptures to soccer stars’ legs.
But in a market where shipwrecks are still recorded by some insurers with a quill and paperwork is lugged around Lloyd’s futuristic 14-storey building in slipcases, some brokers and underwriters are resisting innovation. “Lloyd’s has to change, it’s like an old man dancing - a bit awkward and embarrassing,” said one insurance company chief executive, who declined to be named. “We do not have a great track record in modernization.
Once mostly wealthy individuals, members now include small underwriters and listed firms such as Beazley and Hiscox, as well as global insurers specializing in business lines such as shipping, aviation and property. The problem for Lloyd’s is that while it still has global cachet and a strong A credit rating, investors from hedge funds to private equity firms looking for higher yields are piling into rival centers such as Bermuda, New York and Singapore.
Hiscox has also embraced technological change but Lloyd’s has struggled to persuade some underwriters and brokers to adopt an electronic processing platform launched in July 2016. While some say the system is easy to use, others complain it is unwieldy and creates, rather than reduces, workload. Former Lloyd’s CEO Inga Beale made it compulsory last year for syndicates to shift their business to the platform because underwriters had moved only 10 percent voluntarily.
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