Whilst many UK insurers will have had huge dents put in their pockets recently with all the claims that have been ‘flooding’ in, Lloyds of London has today announced profits of £3.2billion, so what does this mean for your business insurance?
The results announced today are the first since Inga Beale was appointed to CEO of Lloyds in January this year (the first female CEO of Lloyds in 325 years). In an interview this morning on BBC’s Breakfast programme, Ms. Beale explained that the Lloyds market is a global one which insures more specialist risks so the recent floods we have seen here in the UK have not affected Lloyds in a big way.
In the 17th century, London’s importance as a trade centre led to an increasing demand for ship and cargo insurance. Edward Lloyd’s coffee house became recognised as the place for obtaining marine insurance and this is where the Lloyd’s that we know today began. From those beginnings in a coffee house in 1688, Lloyd’s has been a pioneer in insurance and has grown over 325 years to become the world’s leading market for specialist insurance.
I have previously written an article explaining how Egon Ronay, the famed restauranteur and food critic insured his taste buds through Lloyds, but other famous celebrities such as 1940’s actress, singer and pin up girl Betty Grable (who insured her legs for $1,000,000 coining the phrase ‘million dollar legs’), Rolling Stones guitarist Keith Richards (who insured his hands for $1.6million) and David Beckham (who insured his legs for £100million) have all been customers of Lloyds.
However, as well as non standard and specialist risks, Lloyds also has a huge capacity to write standard business in the UK, from home insurance to motor insurance and business insurance. Here at Comparecrazy, we can give you access to a myriad Lloyds products and whilst many insurers will be hiking their premiums this year to recoup some of their losses, we can guarantee that for any of your business insurance requirements, Comparecrazy is the one stop shop for competitive premiums. Comparecrazy.com. The business insurance comparison site!