Like all market, the Insurance Market is a place where buyers and sellers are in contact with one another, either directly, or indirectly, to fix prices. The British Insurance Market is very large, and reaches out not only to every household in Britain but to every country in the world. The explanation lies in the absolute reliability of the market: Lloyd’s, in particular, has an international reputation second to none. Despite the growth in many countries of an insurance market to cater for local populations, re-insurance through London as a ‘ hedge ‘ against possible heavy claims is a normal practice, so that some of the benefit of this business still flows to Britain.
London is the largest insurance market in the world. Besides British and Commonwealth firms there are also Lloyd’s underwriters and foreign companies with London offices.
For the readers information, kindly note that I will also be writing about the insurance market in Singapore and Malaysia in my future posting in this site.
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