The British Insurance Industry Since 1900: The Era of by Robert L. Carter

By Robert L. Carter

This booklet is a comprehensive chronicle of the transformation of the intensely aggressive British coverage according to evolving fiscal, social, technological and political stipulations. It analyzes the fast-changing form of the distribution procedure, the position of the kingdom and the moving barriers of insurability and chance move.

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Extra info for The British Insurance Industry Since 1900: The Era of Transformation (Palgrave Macmillan Studies in Banking and Financial Institutions)

Example text

Marine insurance premiums increased the fastest during the war, mostly on account of the worldwide increase in shipping movements and higher cargo and boat values, as British insurers remained prime providers of war risk cover worldwide. The income in this class also increased materially thanks to the growth of business in the major overseas markets such as Australia, Canada and the US. These figures again exclude Lloyd’s business. A major interruption for insurers during the war was the loss of access to Continental European business, as well as to some of the Asian countries, when these fell under enemy occupation.

Careful post-war research by the actuary Mr H. Brown identified the additional mortality cost of the war to ordinary life business (Hill, 1927, p. 136), which was put at £4m a year for 1914–18. 5m. Unfortunately these calculations did not disclose the amount of the average war life claim or how many lives were lost due to the war. Although the study quoted does not quantify the loss of life directly related to World War I, military sources put this at 779,468 for the British Empire, including India, the Dominions and the Colonies.

1 Ind Prod Fire premiums Indices of national income, production and fire premiums The Interwar Years 29 Of the liability classes, employer’s liability expanded during the postwar boom period but rapidly declined when unemployment soared by the mid-1920s. 3). It remained a very competitive market, with 87 companies vying for business. 3). The interwar period also saw a new social and legal phenomenon: the emergence of claims consciousness and litigation to pursue claims in courts to extract maximum damages.

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