Sinking the Global Economy: The Lloyds of London Story Part II
About this episode
The episode discusses the challenges faced by Lloyds of London in the 1980s due to a series of large claims that threatened the organization and the global economy.
In the 1980s, Lloyds of London insured satellites, rock singers' voices and the legs of sports stars. Everyone was having fun and making money - but disaster was just around the corner. Lloyds had always operated on the principle of unlimited liability - so the people backing up the insurance policies were expected to pay over all their assets if required. That hardly ever happened - until a series of huge claims hit Lloyds and the insurers suddenly faced huge bills that threatened to destroy the whole operation and the wider economy. Write to us at businesshistory@pushkin.fm See omnystudio.com/listener for privacy information.
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