THE WORSHIPFUL COMPANY OF INSURERS
Insurers use their knowledge and capital to protect companies and individuals from the risks they face from natural catastrophes, accidents at work or home and for life insurance and long term savings.
Encourage, Support, Inspire
- By providing financial protection in the event of an insured disaster, insurers have been supporting individuals and companies for centuries. The existence of insurance contracts allows companies and individuals to conduct their business and lives knowing that if a disaster should occur they will have the financial support needed to continue
in business or attempt to rebuild their lives. Long term savings, particularly pensions, give individuals additional
support in old age.
- In the 17th century, London's importance as a trade centre led to an increasing demand for ship and cargo insurance. Edward Lloyd's coffee house became recognised as the place for obtaining marine insurance and this is where the Lloyd’s that we know today began. The support given by insurance from Lloyd’s allowed British, and also global, commerce and
industry to thrive.
- Lloyd’s of London has always been at the forefront of innovation and has grown over 325 years to become the world’s leading market for specialist insurance. In 1904 it issued the world’s first motor insurance policy, followed by the first aviation insurance policy in 1911. Today, such insurance policies are still issued by Lloyd’s, other insurers based in London and worldwide insurers. When it comes to human endeavour and achievement, Lloyd’s has provided huge support for innovation from insuring polar expeditions to spaceships.
- All global insurance and reinsurance companies are either headquartered in London or use it as a major hub. Innovation in London contributes to the global success of these companies. This is an achievement which the insurance industry and the City of London can rightly celebrate.
- Insurance is crucial to providing financial security for trade, manufacturing, entertainment and other fields. Underwriters in London have used experience and knowledge to innovate and provide a range of options to minimise the
financial risk of policyholders throughout the world. This support has encouraged many of these policyholders to become
successful innovators, allowing them to encourage and support their local communities – a fact which should be celebrated.
- In the 21st century, cyber fraud has become a major threat to the economy, and insurers are involved in developing products to protect policyholders to ensure that the global economy thrives.
Facts and Figures
- The UK industry is the largest in Europe and the third largest in the world, accounting for 7% of global premiums, employing around 334,000 people – twice as many people as in the combined electricity, gas and water supply sectors.
- UK Insurance companies are collectively responsible for investments of £1.9 trillion – 25% of the UK’s total net worth.
- UK insurers contribute £29 billion to UK GDP.
- The UK insurance industry contributed £11.8 billion in taxes in 2014.
- Businesses insured turnover worth £315 billion in 2014, up from £296 billion in 2013.
- London is an ideal centre for worldwide business – benefitting from the worldwide use of the English language and a time zone which allows business to be conducted with both the Eastern and Western hemispheres of the globe.
- London is the home to branches and subsidiaries of insurers based throughout the world. These include the USA (largest insurance industry in the world as measured by premium income), Japan (2nd largest insurance industry) and China (4th largest insurance industry) as well as other countries, including Brazil, India and Korea.
- Lloyd’s has underwriting platforms throughout the world, including in Brazil, China, Dubai and Singapore.
- Many overseas insurers have set up syndicates in Lloyd’s, one of the most recent being a Panama-based insurer and reinsurer.
- London provides insurance and reinsurance to almost all the countries in the world, so is likely to provide insurance to any countries to be visited by the Lord Mayor in 2016/17.
- The Chartered Insurance Institute (CII) has over 115,000 members in over 150 countries. It has examination centres throughout the British Isles and in more than 150 countries. It is affiliated with over 70 institutes in other countries around the world.
Contact: Terry Masters at firstname.lastname@example.org
Sarah Clark at email@example.com