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Research Handbook on International Insurance Law and Regulation

Research Handbook on International Insurance Law and Regulation

Research Handbooks in Financial Law series

Edited by Julian Burling and Kevin Lazarus

Given its economic importance, insurance is a field that has been underserved as an area of academic study. This detailed book provides much needed coverage of insurance law and regulation in its international context.

Chapter 18: Lloyd’s: The Development of Performance Management

Kevin Lazarus

Subjects: economics and finance, money and banking, law - academic, commercial law, finance and banking law, insurance law, law -professional, commercial law, finance and banking law


Kevin Lazarus1 1. INTRODUCTION Lloyd’s Act 19822 marks, in many respects, the start of the modern history of Lloyd’s. As we shall see, it is this Act which put in place the governance structure that still underpins the Society. It provided a significant break with the traditional way in which the market had been run and it marked the start of an almost continuous process of change and modernisation culminating in the Chairman’s Strategy Group Report in 2002 and the implementation of the present performance management framework. The story of Lloyd’s during this period from 1982 onwards is a fascinating one. The 1980s and 1990s were a famously turbulent period for the insurance industry as a whole, largely as a result of asbestos and other liability losses from the US together with losses from various natural and man-made catastrophes. The Lloyd’s market did not escape its share of the claims and it was certainly a difficult time for Lloyd’s underwriters. While the financial tale of Lloyd’s during the period is important,3 for those interested in regulatory matters, the development of Lloyd’s framework of self-regulation over that same timeframe should be a matter of equal interest. The present chapter aims to do two things. First, it gives a short history of Lloyd’s, not only because it provides relevant context to the rest of the chapter but also because it is an interesting tale in its own right. Second, this chapter looks in more detail at the process of...

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