Llloyds is, perhaps, the most recognizable name in insurance around the world. What most people don't realize is that Lloyds isn't really a company, per se. It is a market.
Here is their description of what they do.
Lloyd’s is the world’s leading, specialist insurance market. Like any market, it enables those with something to sell –underwriters providing insurance coverage –to make contact with those who want to buy –brokers, working on behalf of their clients who are seeking insurance.
Lloyds does business in practically every nation around the world, and is pretty much the gold standard when it comes to insuring, and understanding, risks.
And they take the risk of a pandemic very seriously.
17 October 2008
The Emerging Risks Team at Lloyd’s has issued a new report on the threat posed by a global pandemic.
Its report “Pandemic - Potential Insurance Impacts” focuses on the threat to the global business community and, in particular, the insurance markets of a global pandemic.
The report concludes that a pandemic is inevitable, explaining that with historic recurrence rates of 30-50 years it is prudent to assume that a pandemic will occur sometime in the future.
Trevor Maynard, Manager, Emerging Risks, at Lloyd’s and the report’s author says: “The significant message is that society should not optimise to one particular scenario as a worst case. Much has been said of the 1918 Spanish Flu epidemic, which is said to have killed up to 100 million people worldwide. While Avian Flu is seen as the most likely next pandemic, we have to ensure we are prepared for other types of pandemics that may require different responses and pose different challenges —some of which may well have higher rates of mortality than flu.”
The Lloyds Pandemic report can be downloaded here.