Introduction to Lloyd’s and the London Market
Lloyd’s is an international insurance market place. The insurance and reinsurance transacted at Lloyd’s is primarily for large, specialist risks which most insurers elsewhere in the world are unable or unwilling to cover.
This half day, foundation level programme will provide delegates with a sound level of understanding of the function of insurance and an overview of the various organisations which are part of the Lloyd’s insurance market.
The programme will also highlight the various lines (classes) of business which are transacted in the Lloyd’s market and the methods by which suitable insurances are set up.
Delegates will learn about:
• Insurance terminology and overview of how insurers make profit
• The London Insurance and Reinsurance Market – the Company Market and the Lloyd’s Market – what are the differences?
• The Lloyd’s market – the role of syndicates, managing agents and members’ agents
• Focus on the types of risk transacted in the London market
• What is reinsurance and how does it work
• The placing of risk at Lloyd’s, the subscription system and the role of lead and follow market underwriters
• The role of the (re)insurance broker and the legal responsibilities of (re)insurance brokers
In this workshop you will learn:
- The types of risk which can be insured and those risks which are uninsurable in traditional insurance and reinsurance markets
- What Lloyd’s insures– from cruise ships to celebrity body parts, from airlines to antiques
- How insurance and reinsurance risks at arranged at Lloyd’s – the roles of syndicates and managing agents
- The role of insurance brokers – the client/broker relationship and the services a broker offers to its clients
- The process of insurance underwriting – how risks are assessed, the documents used to place risks
- Alternatives to the traditional ‘face to face’ placing of risk and how these arrangements operate
30/11/2021 13.00 GMT- 17.15 GMT FULL
£100 per participant.