History of the Insurance Industry Research Papers Lloyd’s of London

Despite the fact that insurance has existed for many centuries, it is only over the last century that the insurance industry has actually taken shape into the form familiar to us now. This research paper on the history of the insurance industry centres on insurance companies as they operated in the early 1900’s and as they operate 100 years later. About 1890, the most burning issue that tormented most insurance companies was that they were relatively new. Of course, insurers such as Lloyd’s of London had been working for almost two centuries and insurance had been firmly established in the United States for almost 150 years by that time. Still, the insurance industry was just starting to get established outside of small insurers. Consequently, it was extremely hard for these insurance companies to raise the funds needed to be able to cover the insurers in an effective way in case the need arose. In 1890, most insurance companies were more inclined to focus only on a single market, which is why their potential for growth was limited. Thus, the Fireman’s Fund offered only fire insurance, and Lloyd’s of London provided solely maritime insurance at the time.