Insurance Underwriters
No discussion of the early development of insurance in Europe would be complete without reference to No discussions concerning the early development of insurance in Europe would be complete without reference to Lloyd’s of London, the international insurance market. Lloyd’s of London, the international insurance market. It began in the 17th century as a coffeehouse patronized by merchants, bankers, and insurance underwriters, gradually Becoming Recognized as the most likely place to find underwriters for marine insurance. This began in the 17th century as coffee shops are protected by the merchants, bankers, and insurance underwriters, gradually became recognized as the most likely place to find marine insurance underwriters. Edward Lloyd supplied his customers with shipping information gathered from the Docks and other sources, this eventually grew into the publication Lloyd’s List, still in existence. Edward Lloyd provided its customers with shipping information collected from the pier and other sources; it eventually grew into the publication Lloyd’s List, is still there. Lloyd’s was reorganized in 1769 as a formal group of underwriters accepting marine risks. Lloyd’s reorganized in 1769 as an informal group of marine underwriters accept risk. (The word underwriter is said to have derived from the practice of having EACH risk taker write his name under the total amount of risk That he was willing to accept at a specified premium.) With the growth of British sea power, Lloyd’s Became the dominant insurers of marine risks, to the which were the resource persons later added fire risks and other property. (The insurer word is said to have originated from the practice of having each risk-taker write his name under a number of risks that he was willing to accept with a certain premium.) With the growth of British sea power, Lloyd became the dominant loss of the sea, which is then added to fire and other risks .
