London insurance market-About London insurance market:
London insurance market is a worldwide insurance and reinsurance operations centers, especially in marine and aviation insurance dominate.
London market - the insurance companyLondon market insurance companies, usually through the British Trade and Industry under the 1982 "Insurance Companies Ordinance" of approving the registration of insurance companies. In addition, from July 1, 1994 onwards, based in the European Union or European Economic Area member states in the country holding a license issued by the insurance companies can enter the London insurance market. According to statistics, the British national license holders can apply for insurance companies 502, 227 foreign insurance companies, a total of 729. In more than 200 foreign insurance companies, U.S. 59, including 17 branch offices, subsidiaries, 17; France, 27, of which 13 branches, 14 subsidiaries in Japan, 20, of which branch 5, a subsidiary of 15; Germany, 18, of which seven branches, subsidiaries, 11; Netherlands, 16, of which three branches, sub-branches 13; Switzerland, 15, of which five branches , a subsidiary of 10; 13 subsidiaries in Sweden and other European countries, insurance companies 59. These operate in the London insurance and reinsurance companies can be divided into four groups:
1, joined the Association of London insurers and London Insurance and Reinsurance Market Association member insurance companies;2, P & I Association, Inc.;3, the edge of the insurance company;4, the insurance liaison offices.
Insurance Institute of London (IIL):Insurance Institute of London was established in June 18, 1907, by the president of Alliance of Great Britain and Ireland launched the insurance, the Union president, but also the general manager of business associations. Association of London was established to ensure that "nurture all aspects of the insurance branch of knowledge and information."
1912, by Royal Charter, the establishment of the Chartered Insurance Institute of London. In the next few years, the Insurance Institute of London will be its library, museum, insurance education and members of the management responsibility was transferred to the Chartered Insurance Institute, and in 1934 the venue moved to the Insurance Hall, the hall is designed for The combination of their built.
Insurance Institute of London through lectures, visits, publications and training learning to achieve their career in insurance, education and professional development to support the purpose of the Chartered Insurance Institute, and has 13,000 members in its size, and become Chartered Insurance Institute 90 members of local associations and the largest informal association.
Association of London insurer:London Society of London insurance company insurer market Cheng Baohai insurance, aviation insurance and transport insurance business trade association, which monitors the implementation of legislation and insurance regulations. Authorized by the British Trade and Industry set up the insurance business, all insurance companies can apply to join the Association of London insurer. Association of London insurer, however, has its own admission standards, the standards should be higher than the UK DTI double the minimum legal standards.
Association of London insurer in the year 1995, there are 65 members, while the peak in 1990, has 118 members. Most members of the Association's building in the insurance business, the building is located leadenhall street, away from the Lloyd's underwriters center building and not far. Because insurance is a competitive industry, many members were forced to withdraw from the association, and the remaining are some of the larger insurance companies, which trend is to increase the number of business insurance. International Association of London insurers marine insurance groups for the general maritime issues, such as responsibility for maritime safety and marine research and exploration and development of marine insurance were used by the insurance policy. Meanwhile, the Association to collect and publish global sea ship and cargo insurance and reinsurance, it also covered a lot of energy, marine and aviation insurance business liability insurance business.
Association of London insurer membership fee income in 1994 of 2.1 billion pounds, of which 21% of the non-proportional reinsurance premium income, business, marine craft insurance business accounted for 60.3%. Marine cargo insurance accounted for 14.1% of the aviation insurance business accounted for 25%.
London Insurance and Reinsurance Market Association:London Insurance and Reinsurance Market Association is an international insurance and reinsurance companies in the London market underwriting marine insurance business and a variety of reinsurance business, the main trade association for the global insurance and reinsurance companies to provide important information, the Association has members 200, They come from 40 countries worldwide. Only authorized to operate insurance business in the UK insurance companies can join the association as ordinary members. In addition to the UK national outside the company, the year 1995 there are 97 regular members, which come from the major international insurance and reinsurance company subsidiaries and affiliates in the United Kingdom. For example, only 37 companies are members of the Association of London insurers, also belong to the London Insurance and Reinsurance Market Association members. In addition to ordinary members in addition, the association also 108 associate members, most of them in the UK associate member is not authorized to offer insurance, they only use information provided by the association, research and overall service.
London Insurance and Reinsurance Market Association, the operation of the center of London insurer center, located in Building 3, mincing lane, very close from the Lloyd's building, the building was officially opened in 1993, all London Insurance and Reinsurance Market Association members in this Center for the insurance business. Among the 97 ordinary members, there are currently 87 active host of new insurance business in 1991, the heyday of the association, the general membership to 136. The year 1993, members of the Association's gross premium income was 29.8 billion pounds, of which 80% came from non-marine insurance business.
P & I Clubs and other mutual insurance companies:Protection and indemnity association is operating on the London insurance market, the most important group of mutual insurance co. The end of 1993, there are 41 marine protection and indemnity association opens in the UK insurance business, of which five operate in Bermuda, there are two operations in Luxembourg. The first is the protection and indemnity association founded in the 18th century, its purpose is to provide marine insurance, including owners of owner liability insurance. Now, the Association of Lloyd's main underwriting marine insurance companies and insurance does not cover liability in terms of feelings, the since the 1970s, but also cover other risks such as strikes and trade disputes, ship brokers and charterers of the defense costs and legal fees, and Cheng Baohai shipowners and carriers on a number of risks. Responsibility for protection and indemnity association is unlimited, but now some of the Association has requested the maximum amount of liability provisions.
In London there are mutual insurance companies. Mutual insurance company is handling the insured person's own insurance cooperative organizations, companies do not invest in capital stock, the risk of capital subscribed by shareholders, the company for the policy holders of all, the trustees elected by the policyholders. The company's voting rights have been retained in the hands of policy holders. When a claim, the member must be assessed to pay compensation; when there is profit, the members can enjoy the policyholder dividends. The end of 1993, there are 65 mutual insurance companies in the UK offer one or several insurance business, one-third of the business for the UK business.
Mutual Compensation Insurance Society of London insurance market, there is a class of insurance companies. It is a very common mutual non-life insurance companies. It is different with other mutual insurance companies in the insurance period began, members pay the premium is not fixed. If the total compensation in one year than at the beginning of pre-paid membership premiums and membership fees, members must pay an additional fee. However, if there is profit to be returned to members. In addition, in the London market, there are two groups Reinsurance Corporation, an international oil and insurance companies, another British Insurance Atomic Energy Commission. The two companies are "net line" basis, that is, participate in group insurers reinsurance underwriting business must provide retention.
Association of British Insurers:Association of British Insurers is the UK's major insurance companies, industry associations, has a membership of 450, including members for individual life and non-life insurance business, they accounted for in the UK insurance companies authorized by the same insurance business for more than 90% of the market. 1994 Association of British Insurers member companies worldwide total net premium income is £ 89,276,000,000, of which 62% are long-term life insurance business, net non-life premium income 33.643 billion pounds, which in the UK insurance business (including to from overseas insurance and reinsurance business) accounted for 21.724 billion pounds.
Association of British Insurers, through the merger of many professional associations from the insurance company, was established in 1958. Its main objective is to promote the development of its members to maintain the interests of its members, government departments and other agents to explain their point of view, publishing a number of statistical publications and other publications, including annual reports, consumer consultation and crime prevention brochures. Many insurance companies are both contractors and the Association of London reported that insurance and reinsurance market, members of the Association is a member of the Association of British Insurers.
Lloyd's of London Market:Since become the largest trading port in London since Lloyd's of London insurance market in the sea plays a very important role. Lloyd's of London is a legal entity similar to the exchange by the Lloyd's organizations and community groups to manage the market. Used to conduct insurance business and reinsurance funds by investors, these investors are called Lloyd's members, each member of the capital of 250,000 pounds, a number of members can form a group insurance, insurance group by the manager on behalf of members in the insurance business. In 1995, Lloyd's of London insurance group 170, each underwriting group has at least 100 members. Insurance group Lloyd's only by getting qualified to accept the obligations of broker, the broker can be in the booth to talk face to face with the insurer, an insurance business to the specific circumstances of introduction to the insurer, the insurer introduced according to agent This situation can decide whether to cover business.
According to the tradition of Lloyd's of London, on behalf of each member's share of the business covered by the full responsibility of each member. 70 to 80 years in the period, a member of Lloyd's substantial increase in its heyday in 1988, membership reached 32,433 one. But by 1995, membership dropped to 14,704, of which 83% of the members are resident in the UK. The remaining members from the United States and European Union countries for investors. In general, members only investment, so the role of managers and agents. However, there are 3,200 members (18% of the total), their own business and not hire an agent for the business.
Members of Lloyd's of London 1994 transport machine system has undergone great changes, that allow investors 25 companies, including 12 listed investment companies to enter the Lloyd, a member of Lloyd's, an independent underwriting insurance business, they have paid capital of 904 million pounds, the Lloyd's underwriting capacity and corporate investors rose to 1.595 billion pounds. In 1995, there are 28 corporate investors, including four listed investment trust to become Lloyd's members, who paid up capital of 331 million pounds, so that investors in Lloyd's underwriting capacity increase of 23.6 billion pounds, accounting for Lloyd's underwriting capacity of 23% of the total. Investors in 53 companies raised 1.235 billion pounds, only 034 million pounds and Lloyd's related. Therefore, the company's practices meet social investors Jiaru Lao made a great success, attracting 12 million pounds of capital into Lloyd's market.Today, Lloyd's of London marine insurance and aviation is still a major international center for insurance, which accounts for two Lloyd's market business premium income of 32.5%. In 1987, 43%, foreign direct and reinsurance of non-marine insurance business accounted for 22.9%, non-marine insurance contracts reinsurance accounted for 20.6%. The remaining 23.8% is a British non-marine insurance business, half of which is the auto insurance business.
London insurance market - advantages:As the world's large industrial risks and reinsurance business, trading center, the London insurance market is undoubtedly in the global insurance industry has a unique position, it is the most important global risk, and indeed the only true sense of the trading center. Traded on the London market operations include large, rare and complex industrial risks and reinsurance. When the needs of the domestic market can not get insurance coverage, or difficult to obtain the required insurance coverage and harsh conditions, people will turn to London.
London is unique is that the close link between market participants, the degree of demand for these participants, including as a representative of the brokerage firms and insurance companies as the supply side and Lloyd's syndicates. The most important insurance providers gathered in the same place, perhaps London's most important competitive advantage; If I have to find a complex risk underwriting capacity, then they can be found in the London market.
However, more than 140 brokerage firms and about 200 insurance companies is the heart of London, in their professional service providers around the building by a highly developed infrastructure has also been formed. London has a large number of actuaries, lawyers, accountants, adjusters and various consultants. Overall, the London insurance market provides about 50,000 jobs.
London - the role and importance:London has 300 years of history. Edward Lloyd's coffee shop famous was first mentioned in 1688, London merchants to exchange information in this cafe as a meeting place and chat and forums. Lloyd's is the first time as an insurance agency in the late 18th century, and in the past two centuries and gradually developed into the famous trading center, London is gradually developed into a global financial center, the world's most important insurance Center is also the process evolved.
If you use to measure the global non-life insurance business (life insurance industry's role in the London market is very small), the London market at first glance seem not important, because of the global non-life premium income in only 3% in London trading. However, the risk of large industrial business, which is the main business on the London market, where the London market, market share is estimated to be roughly 10% -15%.
With nearly 40% market share in the aviation insurance market in London to play a prominent role. Nearly 40% of aviation insurance premiums from there, and have been here half of the premiums ceded. London is the most important international marine insurance center. Lloyd dominated the market, while other insurance companies are far second place. In the offshore oil and gas drilling equipment insurance, London market and even has more than 60% market share.
In addition to marine insurance and aviation insurance an important role in the London market is also a major global reinsurance market, all the major competitors are gathered here. In the past decade, the London market reinsurance business in the global market share dropped sharply, but still be about 15%.
