How Lloyd's responds to changes in the business environment
A Lloyd's of London case study

Page 0: Introduction

All business activity involves risks of various kinds. Particular risks may be more significant for one type of business than another. Owners of chemical plants, for example, are especially careful to avoid fires. Banks do their best to check out the honesty of all job applicants. Organisers of 5-day cricket matches look to choose seasons, times and venues that are unlikely to suffer poor weather...
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Page 1: A brief history of Lloyd's -covering risks

Economic prosperity in England during the second half of the 17th century created a significant group of wealthy people with a growing taste for luxury products from other continents. Sailing ships and their cargoes faced many risks, for example treacherous seas, bad weather, piracy, even mutiny. These hazards meant that a merchant's fortune could literally disappear overnight. Business in...
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Page 2: What gives Lloyd's its competitive edge?

The Lloyd's insurance market: insures some of the newest and most difficult risks. Underwriters are able to offer tailor-made solutions for many unusual and complex risks. For example, for the launch of the first private-enterprise manned spaceship, Lloyd's provided the insurance cover required. is the world's leading specialist insurance market - 93% of FTSE and Dow Jones listed companies...
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Page 3: Key challenges facing the Lloyd's market

Businesses that are keen to track changes taking place in their business environment may use a PESTLE analysis. PESTLE is an analytical tool that can help organisations to create a strategy for risk management. It does this by classifying risks into different categories. The following illustrates how a PESTLE analysis can be developed. P - POLITICAL RISK War and the threat of...
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Page 4: Conclusion

Prudent businesses protect their future by ensuring they are covered against the risks that they face. They wish to purchase their insurance cover in a specialist market that has assessed the level of risk correctly and is offering appropriate cover at competitive prices. Lloyd's provides a highly expert insurance market that enables businesses both in the UK and also worldwide to obtain...
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